Dear All,
We have filed GSTR 1 correctly showing liability of IGST Rs.9,333/-, CGST and SGST of Rs.4,11,739/- each Total tax liability Rs.8,32,811/-
However, while setting off liability using Input tax credit, set off made as Rs.8,32,811/- IGST. This resulted in short payment of CGST and SGST to the tune of Rs.4,11,739/- each.
As of now the ITC balance is NIL and we have to pay the shortfall in cash.
My doubt is if we pay the shortfall in cash now, will we able to get refund of the IGST wrongly paid using ITC earlier.
If refund is granted, whether the same will be credited to bank or Electronic Credit ledger will be credited? (as earlier tax was discharged using ITC)
CAclubindia
