ITC extra clain

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सर मेरे एक क्लिंट ने 2017-18 में Rs100000./ एक्स्ट्रा क्लेम कर ली है । क्या अब itc रिवर्स कर दूँ OR DRC-3 से पेमेंट कर दूं इसमे intrest भी pay करना होगा साथ में पेनल्टी भी pay कारनी होगी
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only interest at 24% yearly
only after 180 days on non utilization of Tax Credit you may reverse ITC

Interest can be levied based on the nature of transaction. if the excess credit is due to non payment of Value of supply along with tax then the same will attract interest rate of 18% under section 50(1)

However if the same credit is undue or excess claim of input tax credit under section 42(10) or 43(10)  then 24% interest rate will be applicable under section 50(3).


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