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Interest amount adjust from itc

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consultant
64 Points Posted on 30 October 2021
Sir. one of our client paid total taxes and filed GST returns belated...but his liability of interest of 4.0 laks but his itc balance is 6.0 lakhs....but his itc for the f.y 2020.21,. interest is for f.y 2019.20...recently one month back he was expired...please advise sir...
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On 30 October 2021 at 11:55 Report
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GST Practitioner & Accounts
15093 Points Posted on 30 October 2021
You question is not clear , Are you want to adjust interest payable against. ITC which is lapse ?.
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On 30 October 2021 at 12:42
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consultant
64 Points Posted on 30 October 2021
Yes sir...
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On 30 October 2021 at 12:43
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GST Practitioner & Accounts
15093 Points Posted on 30 October 2021
No not possible , confirm with others also .
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On 30 October 2021 at 13:15
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consultant
64 Points Posted on 30 October 2021
Thank you sir
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On 30 October 2021 at 13:19
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GST Consultant
15986 Points Posted on 31 October 2021

Interest will have to be paid in cash regardless whether the person is alive or not.

For deceased there are separate formalities in GST that has to be completed.

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On 31 October 2021 at 09:35
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CA
10436 Points Posted on 01 November 2021
Agreed
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On 01 November 2021 at 21:16
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Chartered Accountant
24588 Points Posted on 02 November 2021
Fully agree with zafar sor
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On 02 November 2021 at 14:10


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