ramkesh meena (40 Points)
27 March 2019
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 27 March 2019
The amount of input tax credit shall be added to the output tax liability of the registered person for the month in which the details are furnished.
The registered person shall be liable to pay interest at the rate (18%) for the period starting from the date of availing credit on such supplies till the date when the amount added to the output tax liability, is paid.
Sanket Galande
(CA-Inter)
(126 Points)
Replied 27 March 2019
Interest is applicable @ 18% or @ 24% pls clarify.
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 27 March 2019
section 50(1)
if any person takes undue or excess claim of input tax credit (ITC) then person shall be liable to pay interest at 24% .
ramkesh meena
(40 Points)
Replied 27 March 2019
abhinav saxena
(CENTRAL TAX INSPECTOR)
(113 Points)
Replied 27 March 2019
Biyawerwala Hozefa I.
(student)
(66 Points)
Replied 19 August 2019
CAN I REVERSE MY EXCESS ITC THROUGH DRC-03 IN VOLUNTARY OPTION FROM MY AVAILABLE ITC CREDIT LEDGER, BEFORE THE FILLING OF GSTR-9 OF 2017-18 ????
PURNENDUKUMARMISHRA
(software engineer)
(22 Points)
Replied 24 August 2019
No In case of Annual Return (GSTR-9) you have to pay the liabilities through cash ledger only
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