ITC REVERSE TO GOVT

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STUDENT
46 Points Posted on 12 November 2022

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??

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On 12 November 2022 at 00:07 Report
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This discussion clarifies the process for voluntarily reversing excess Input Tax Credit (ITC) claims made by mistake. It explains that if the excess ITC has been utilised, a reversal is required along with interest at 24% per annum on the principal amount, as per Section 50(3) of the CGST Act 2017. The procedure for payment through DRC-03 is also mentioned.

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Profession
28261 Points Posted on 12 November 2022
Pls post actual figures.
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On 12 November 2022 at 07:32
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GST Practitioner & Accounts
15146 Points Posted on 12 November 2022
Refer section 50 of the CGST Act 2017.
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On 12 November 2022 at 09:09
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62 Points Posted on 13 November 2022
If excess ITC availed and utilized, interest @ 24% is payable as per Section 50(3).
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On 13 November 2022 at 19:08
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154 Points Posted on 29 November 2022
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.
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On 29 November 2022 at 13:32

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