Excess ITC taken but not utilize qtr filler

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accountant
153 Points Posted on 22 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 22 July 2021 at 00:03 Report
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Quick Summary
If you've mistakenly claimed excess Input Tax Credit (ITC) due to a data entry error, you might be wondering about interest implications. Interest is generally applicable at 18% if the excess ITC has been utilised. However, if you reverse the ITC before utilisation and pay it via the cash ledger, no interest will be payable.

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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 06:00
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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 06:30

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