More input taken than actual

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ACCOUNTANT
447 Points Posted on 28 October 2020

In month of August I took more input than actual, if I adjusted  or reverse in next month, any interest will be payable or not?

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On 28 October 2020 at 12:28 Report
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Quick Summary
This discussion clarifies the implications of taking more input tax credit than actually due in a given month. According to Section 50 of the CGST Act, if you adjust or reverse this excess input in the following month, interest will still be applicable. This means that any over-claimed input tax credit will incur interest charges, regardless of subsequent adjustments.

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Accountant
3662 Points Posted on 28 October 2020
Yes, interest is payable
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On 28 October 2020 at 13:36
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GST Practitioner
55067 Points Posted on 28 October 2020
Yes Interest Applicable as per Section 50 of CGST Act
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On 28 October 2020 at 16:17

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