banner_ad

GST ITC : Interest on ITC reversal

Others 357 views 7 replies
User Avatar

CFO- at NHTF
58280 Points Posted on 14 March 2022
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 Posted on 14 March 2022
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 Posted on 15 March 2022
Yes it was utilised and now reversed
1 Reply
On 15 March 2022 at 07:01
User Avatar

Chartered Accountant
5010 Points Posted on 15 March 2022

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 Posted on 15 March 2022
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 Posted on 15 March 2022

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 Posted on 15 March 2022
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 Posted on 17 March 2022

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details