we have completed GST audit for 3 year's from 2017 to 2020, in this regards we have sum ITC reversal and we have excess ITC in our electronic credit ledger, so for that officers ask us to pay interest and penalty, is it applicable even after excess ITC available in electronic credit ledger, please clarify any one
and we have declared out payables in GSTR 9, so that liability needs to be paid in cash or ITC reverse
please clarify
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Interest and penalty on audit enquiry
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All the amounts which pertains to GST Reversal can be reversed from E-Credit Ledger, and as far as interest, penalty or late fees is concerned, you have to pay those in cash only.
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