How to show reverse ITC in GSTR 3B return due to payment not made within 180 days.
How to calculate Interest for reversal of ITC
If ITC of Rs. 1000 reversed on 18.01.2018, Interest on reversal is 18% p.a. from date of invoice ? ?
Menu
Payment not made within 180 days
Replies (8)
Show the reversal in gstr 3b itc reversal
Interest shall be paid from the date of availing of such credit till reversal.
Interest shall be paid from the date of availing of such credit till reversal.
which column of GSTR 3B
In itc block there are two rows for reversal. One specifies rule 42/43 and one is other (misc reversals). Choose the other one.
Zafer sir. Agree with your comment. But if itc balance maintain in records then no need to pay the interest
Thanks Mr. Zafer
Interest on reversal of ITC for payment after 180 days was waived in 28th GST Meeting on 21.07.2018.not sure if notification for the same is published yet.
No its was in press release & no notification was issued , hence the its not waive off.
good clarification and information
Recent Topic
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
- Tax Refund timeline
- Is Form 10E applicable for Notice Pay received in
- INCOME RECEIVED FROM COMPANY FOR ELECTRIC POLLS
- ITR Processing By CPC Now Super Fast - Much apprec
- Abroad Jobs
- Professional Income in 44AD
Related Topics
CAclubindia
