ITC claimed wrongly

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163 Points Posted on 21 January 2022
sir
how to correct the itc wrongly claimed and what percentage applicable for that
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On 21 January 2022 at 15:59 Report
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Quick Summary
This discussion clarifies how to rectify Input Tax Credit (ITC) that has been wrongly claimed. The recommended methods involve reversing the incorrect claim in your subsequent GST return and paying interest at 18% per annum. Alternatively, you can pay the amount along with interest via cash by filing Form DRC-03.

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GST Practitioner
55067 Points Posted on 21 January 2022
Reverse it in your subsequent return & pay interest @ 12 %pa
or can pay by cash with interest @ 12 % pa & file DRC 03.
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On 21 January 2022 at 23:07
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21 Points Posted on 24 January 2022
Sir interest rate is 18%???
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On 24 January 2022 at 20:36
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GST Practitioner
55067 Points Posted on 25 January 2022

Dear S.gowri

sorry ,  wrongly type 12% instead of 18%

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On 25 January 2022 at 13:31

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