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ITC mistakenly claimed
What to do if a supplier who is not eligible to claim ITC, mistakenly set-offs all his outward supply through ITC showing is credit ledger?
Replies (4)
You have reverse input tax credit wrongly taken with interest in GSTR3B .
Sir, can we rectify this using DRC 03, by paying the liabilities today itself to save the penal interest on the outward tax liability.
Yes you . in GST interest is applicable day wise hence interest @ 18% will applicable from the date of wrongly claimed ITC till you file DRC 03 .
It's better not to take such input credit.Kindly reverse it.
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