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ITC mistakenly claimed

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26 Points Posted on 24 May 2023
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?
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On 24 May 2023 at 09:24 Report
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GST Practitioner & Accounts
15093 Points Posted on 24 May 2023
You have reverse input tax credit wrongly taken with interest in GSTR3B .
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On 24 May 2023 at 09:53
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26 Points Posted on 24 May 2023
Sir, can we rectify this using DRC 03, by paying the liabilities today itself to save the penal interest on the outward tax liability.
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On 24 May 2023 at 15:25
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GST Practitioner
55067 Points Posted on 25 May 2023
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 .
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On 25 May 2023 at 00:29
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Profession Business
28207 Points Posted on 25 May 2023
It's better not to take such input credit.Kindly reverse it.
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On 25 May 2023 at 06:51


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