WHAT IF CLAIMS EXCESS ITC THAN WHAT SHOULD I DO?
SHOULD I DO ITC REVERSAL (OTHER)
OR
SHOW IN INELIGIBLE ITC (OTHER)
AND WHAT RATE OF INTEREST IF ITC REVESAL
ITC Claimed Excess
Replies (12)
you should show itc reversal others.
interest rate is 24%
interest rate is 24%
AND WHAT IF MY ITC REVERSAL IS MORE THAN MY CURRENT ITC DOES THE PORTAL ACCEPT NEGATIVE ITC
reversed remaining itc in next 3b
yes portal will accept the negative figure of ITC
BUT ON GOOGLE IT'S SHOWING THAT U CAN REVERSE ITC THAT MUCH OF ITC AVAILABLE FOR CURRENT MONTH
if excess itc availed then reverse excess itc, no interest applicable but excess itc utilized or refund taken then interest applicable
| Originally posted by : Najeeb Ur Rehman | ||
 |
if excess itc availed then reverse excess itc, no interest applicable but excess itc utilized or refund taken then interest applicable |  |
Dear Najeeb
Mentioned provision in which written that Interest is not applicable on availed ITC
you can revesed in 3b
Section 50(3) of the CGST Act levies interest on excess ITC claimed and not excess ITC availed. The Key word in Claimed and availed. Thus ITC availed in excess but not utilised for the payment of outward liability can be reversed without the interest in GSTR 3B
| Originally posted by : Ravi SADhiyan | ||
|
Section 50(3) of the CGST Act levies interest on excess ITC claimed and not excess ITC availed. The Key word in Claimed and availed. Thus ITC availed in excess but not utilised for the payment of outward liability can be reversed without the interest in GSTR 3B |
|
| Originally posted by : Ravi SADhiyan | ||
|
Originally posted by : Najeeb Ur Rehman if excess itc availed then reverse excess itc, no interest applicable but excess itc utilized or refund taken then interest applicable Dear Najeeb Mentioned provision in which written that Interest is not applicable on availed ITC |
|
Section 50(3) of the CGST Act levies interest on excess ITC claimed and not excess ITC availed. The Key word in Claimed and availed. Thus ITC availed in excess but not utilised for the payment of outward liability can be reversed without the interest in GSTR 3B.
in which coloum
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