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INTEREST ON EXCESS CLAIM OF ITC
sir i have taken credit of capital goods by mistake.... so plz tell me can i add interest with reverse amount in gst3b??
Replies (10)
Yes reverse the ITC with interest @ 24% as per section 50 CGST Act
sir plz tell me can i reverse with interest and both amount and interest show in itc reverse column
No, not both amount.
ITC = In ITC reverse column (others)
Interest = In Interest column (Interest and Late Fess tile)
ITC = In ITC reverse column (others)
Interest = In Interest column (Interest and Late Fess tile)
No, pay the interest in ''interest and late fee'' column.
Yes, Pay the interest in "Interest and late fees column"
And reverse the ITC in "ITC reversal (other) column".
And reverse the ITC in "ITC reversal (other) column".
i have taken 20000 amount as claim but only use 2000 so tell me plz interest paid on which amount 2000 or 20000
Rs. 18000 still show in your credit ledger (gst portal)
yes 18000 still show in my credit ledger
Interest is 24% on Rs. 2000.
you should pay interest on 2000 @ rate of 24% and excess itc show in ledger to be reversed in next gstr3b
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