We have claimed 2lacs ITC in November unfortunately the supplier has not filed GST returns or it's not appearing in GSTR-2A/2B.
So we have reversed the ITC through GSTR-3B in February GSTR filing.
GST was already paid to the extent of ITC availed..
Do we have to pay interest now ?
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GST ITC : Interest on ITC reversal
Replies (7)
Interest will only be paid if the ITC claimed in November is utilized for payment of taxes.
Yes it was utilised and now reversed
Since you have utilised the ITC for GST payment, you have to pay interest on the ITC which was wrongly availed.
Is it on demand or voluntarily need to pay ?
It does not depend on demand, if wrongly availed and utilized ITC, then need to pay interest on such ITC.
It was not wrong..They will send the ITC in March due to practical issues
Whether interest is applicable on the reversal of ITC under Sec 41 and 42 if the return is filed late?
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