banner_ad

ITC REVERSE TO GOVT

ITC / Input 303 views 4 replies

If anyone claim excess itc and he wants to payment voluntarily before notice through drc 03 and he claim itc by mistakenly only so how much interest with principal amount he has to pay??

Replies (4)
Pls post actual figures.
Refer section 50 of the CGST Act 2017.
If excess ITC availed and utilized, interest @ 24% is payable as per Section 50(3).
Is the ITC only claimed and not utilised yet? Or is it claimed and utilised?

If utilised already, reversal has to be done with interest of 24% p.a.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details