I have claimed excess ITC in GSTR 3B...now I have to reverse ITC in annual return...now am I liable to pay interest @ 24% even I have huge balance of genuine ITC throughout the year period due to inverted tax rate structure
please suggest
Interest on Excess ITC
Replies (1)
Yes you are liable to pay 24% interest on excess ITC claimed. regarding inverted tax structure you can claim refund of the excess ITC.
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