INTEREST ON GST TAKEN TWICE BY MISTAKE

ITC / Input 91 views 1 replies

IF A REGISTERED PERSON FILES HIS RETURN SHOWING HIS INPUT TAX CREDIT TWICE (GSTR 3B ) SUBSEQUENTLY THE REGISTERED PERSON FINDS OUT THE DUPLICATION , WHAT WILL BE THE CONSEQUENCES UNDER  GST ACT HE HAVE TO PAY INTEREST FOR THE EXCESS CREDIT CLAIMED(BUT NOT UTILIZED) IN HIS RETURN. IF INTEREST IS PAYABLE AT WHICH PERCENT - 24% OR 18% AND FROM WHICH DATE HE HAVE TO CALCULATE THE INTEREST.

Replies (1)
In case of Interest taken twice or wrong then it should be added to output tax liability with 18% interest and it should be from when the taken into gstr3b to actually paid


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