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GST R 3B wrongly filed

Govind (Manger) (98 Points)

23 August 2020

GST 3b wrongly filed by us,exess input credit filled by us last 2 months.

What can I do.

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6 Replies

rajan (sr. accountant) (72 Points)
Replied 23 August 2020

Just reverse that ITC in next month GSTR3B and pay intt @ 24% on excess itc claimed

1 Like

rajan (sr. accountant) (72 Points)
Replied 23 August 2020

Interest @ 24%

Govind (Manger) (98 Points)
Replied 23 August 2020

Interest 24% p.a.

Amardeep Prajapati (83 Points)
Replied 27 August 2020

Interest 18% p.a.

rajan (sr. accountant) (72 Points)
Replied 27 August 2020

Read sub section 3 of section 50 of cgst act intt rate is 24% if excess itc is claimed

Govind (Manger) (98 Points)
Replied 07 July 2021

INPUT VAT CLAIMED BY US FOR THE ASSESSMENT YEAR 2016-17 APPROX 2.5 LAC AND ASSESSING AUTHORITY PASSED THIS ITC IN ASSESSMENT ORDER. 2016-2017 BUT NEXT YEAR 2017-18 WE HAVE NOT FILED TRANS 1, IN THIS MATTER THE ASSESSING AUTHORITY REJECTED INPUT VAT 2.50 LAC ,

WHAT CAN I DO DO IN THIS MATTER,

TRANS 1 NOT FILED.