In July 17 month, I have claimed ITC as per invoice recevied. Now, in reco i have found that vendor is not uploading 1 invoice for the month july 17. Vendor is denied to upload the invoice. I have to reverse the ITC with interest. What is the interest rate ?
Menu
Interest rate for reverse itc
Replies (6)
If u have claim wrong itc then u have to reverse ITC and pay interest 24
No, I have taken ITC as per Invoice received but vendor is not uploaded in portal.
Acutally, Vendor have taken GST registration on 15 Aug 2017 but issue invoice 1 Aug 2017. They said we can not upload invoice in GSTR 1 of July 2017.
But We have received GST invoice of July 2017 that base we have taken.
It's a fault by supplier it can be solved through mutual understanding otherwise supplier will be penalised u/s 420 IPC becoz he is receiving govt fund by fraud.
@ Manoj.,
No need to worry about the mistake and No need to Pay any Interest...
No need to worry about the mistake and No need to Pay any Interest...
If the said invoice on which you have availed ITC of GST is not uplaoded by the supplier, you will have to pay interest @ 24% p.a. on the amount of ITC from teh month in which it is availed up to the date of reversal of ITC / remittance by cash. In case the supplies is refusing to upload the said invoice, you can withhold payment to him and adjust the same towards additional liability on A/c of his default.
Thank You all.........
Recent Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
