Any excess ITC taken on FY 2017-18,how it will be adjusted on September'18 return? Any penalty is there for the same?
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Excess itc taken
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As per section 50(3) , interest @ 24% has to be deposited if excess credit has been claimed
Reverse the excess ITC taken in September month 3B and also pay interest for it as told by Pankaj sir..
How to calculate the penality?
no penalty. late fee applicable if not filed within due date.
gst portal automatically calculates late fee while submitting returns.
gst portal automatically calculates late fee while submitting returns.
How much is the late fee.How to calculate it? Is there any separate column for filling the last FY's missed item?
NO LATE FEE APPLICABLE , CALCULATE INTEREST AMOUNT @ 24% DAYWISE, DEPOSIT THE SAME.
SHOW THE INTEREST PAYABLE UNDER TABLE 5 OF GSTR 3B
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