Menu
ITC excess claimed, and reversed, show cause issued
A unit excess claimed itc in October 18 and subsequently reversed in may 19 finding errors. Now gst office issues notice for show cause together with excess itc and corresponding period intt and penalty, whether excess itc reversal by unit in may 19 of same amount justify the notice
Replies (4)
Quick Summary
The department may issue notice after audit
If you are sure that excess reversal of itc has been reversed in May 2019, you can disclose the same to officer. however, since scn is issued, you will have to prepare reply to scn. Since, you have voluntary reversed such ITC, penalty should not be levied.
If any reversals of ITC made in subsequent months need to reversed along with Interest either at 18% or 24% of provision relavent to said section of ACT.
If reversal of same amount has been done in may 19, and the excess ITC wrongly considered in October 18, but from oct to may 19 the electronic credit ledger balance was constantly above the wrong inputs taken, so interest is still leviable, because the unit has not consumed the excess itc which was erroneously credited in Oct 19
Recent Topics :
- Belated Return where Form 10IEA filed this year to
- GST Reconciliation Tool (2A vs Books) - looking fo
- TDS ON PF FORM 19 WITHDRAWAL
- Can a virtual office in Mumbai be used for company
- Eway and e invoicing in condition where 4 party ar
- Bank balance in ITR-3
- INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
- Tempsens Instruments IPO GMP Allotment Listing dat
- Upload Type - Correction. Not showing in TDS filli
- Partnership tax audit query
Related Topics :
CAclubindia
