banner_ad

GST ITC : Interest on ITC reversal

343 views 7 replies
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
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 ?
3 Reply Share Follow
On 14 March 2022 at 22:33 Report
Replies (7)
User Avatar

CA
10436 Points Joined March 2019
Interest will only be paid if the ITC claimed in November is utilized for payment of taxes.
1 Reply
On 14 March 2022 at 23:14
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
Yes it was utilised and now reversed
1 Reply
On 15 March 2022 at 07:01
User Avatar

Chartered Accountant
5010 Points Joined March 2020

Since you have utilised the ITC for GST payment, you have to pay interest on the ITC which was wrongly availed.  

Reply
On 15 March 2022 at 12:08
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
Is it on demand or voluntarily need to pay ?
Reply
On 15 March 2022 at 15:02
User Avatar

M Com FCS LLB M-AIMA
14046 Points Joined June 2009

It does not depend on demand, if wrongly availed and utilized ITC, then need to pay interest on such ITC.

 

Reply
On 15 March 2022 at 18:01
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
It was not wrong..They will send the ITC in March due to practical issues
Reply
On 15 March 2022 at 18:40
User Avatar

Accountant
26 Points Joined April 2015

Whether interest is applicable on the reversal of ITC under Sec 41 and 42 if the return is filed late?

Reply
On 17 March 2022 at 17:50

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details