Menu
ITC reversal due to party charges 28 GST instead of 18
We received notice from the GST officer indicating that one of our creditors charged 28% GST on the bill instead of 18%, and we claimed a 28% Input Tax Credit (ITC) as it was the same as mentioned on the invoice and reflected in GSTR-2A. The payment was also made within 180 days. However, the officer now says that we are eligible for only an 18% GST ITC credit and that we need to reverse the 10% ITC credit with interest. Should we reverse the ITC or not ?
Replies (3)
Quick Summary
Reverse the ITC with interest
Ask for credit note from vendor for excess GST charged and if itc was not utilised against output, no need to pay interest
Discuss with your creditor once for clarity.
You may reverse it through current month GSTR-3B
You may reverse it through current month GSTR-3B
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
