One of my client claimed ITC Wrongly in january 19 want to revert now
he had claimed 116000 in IGST But actual it is 16000 now the ITC was set of in CGST Now want to revert so whether it will set of from CGST Which is in credit ledger in portal
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ITC Claimed wrongly want to revert
Replies (7)
Quick Summary
If excess ITC claimed was IGST then tax implication would also be of IGST irrespective of being set off against CGST. The same should be corrected in annual return of 2018-19.
Use drc-03 option and debit from the credit ledger and pay interest at 18% per annum from the date following the due date for January 2019 till the date of reversal and correct in annual return for 2018-19 as reversed in the financial year 2019-20
U shoud rectify in annual return 18-19
if now i will pay whether I have to pay IGST or will revert set of from CGST which is available in credit ledger
Pay the IGST with Interest through DRC-03 form with filing of annual return.
Please go through my earlier posting. You have to debit only the excess availed igst itc i.e 116000-16000, along with interest at 18% per annum
| Originally posted by : ARS BHARATHI | ||
 |
Please go through my earlier posting. You have to debit only the excess availed igst itc i.e 116000-16000, along with interest at 18% per annum |  |
BUT THAT TIME GST WAS NOT PAYABLE EVEN NOT TODAY HE HAS EXCESS CGST UPTO 277000
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