we are a registered dealer in GST and surrender our gst registration on 31.03.2018. At the time of filling gstr 3B for March 2018 we found that we have taken erroneously excess ITC Rs. 19802. Immediately on 4.5.2018 we deposited Rs 20000 in cash ledger.
on introduction of DRC 3 we immediately deposit amount by books adjustment from balance of amount deposited on 4.5.18.
Now department issue notice u/s 73 on 7.10.23 for interest amount as well as penalty Rs 10000.
What should we do. Is there any liability to pay interest and or penalty.
CAclubindia
