Excess itc taken but not utilize

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accountant
153 Points Posted on 21 July 2021
I have taken excess itc due to wrongly typing on mar 21for qty filer Now I m filling on June the with reverse itc so intrest will be applicable?
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On 21 July 2021 at 22:09 Report
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This discussion addresses the scenario of claiming excess Input Tax Credit (ITC) due to a data entry error. It clarifies that if you reverse the excess ITC in a subsequent period, interest may be applicable. Specifically, 18% interest is charged if the ITC was utilised. However, no interest is payable if the excess ITC was not used and is being paid back via the cash ledger.

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Chartered Accountant
24588 Points Posted on 22 July 2021
Yes 18% interest is applicable
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On 22 July 2021 at 06:01
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Chartered Accountant
86505 Points Posted on 22 July 2021
No interest will be payable if you have not utilise such ITC. If you are paying through Cash Ledger then only interest applicable.
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On 22 July 2021 at 06:37

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