I am article student. I need some clarity about an issue. From 15 November he paid gst & claimed itc at a rate of 18% instead of 5%.now how to resolve the problem.
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Quick Summary
This discussion addresses a GST query regarding an article student who incorrectly claimed Input Tax Credit (ITC) at an 18% rate instead of the applicable 5%. The suggested resolution involves reversing the excess ITC claimed and paying interest at a rate of 24% on the erroneous amount. Further clarification on the reversal process is sought.