Query on interest

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42 Points Posted on 24 July 2020
i have filed gstr3b january 2020 by taking excess ipt. can i rectified it by filing gstr 3b on july..?? if any amount of interest is payable..??
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On 24 July 2020 at 12:13 Report
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Quick Summary
If you've claimed excess Input Tax Credit (ITC) on your January 2020 GSTR-3B and used it to offset your output tax liability, you can rectify this by reversing the excess ITC in your July 2020 GSTR-3B. Interest at 24% per annum under Section 50 of the CGST Act will be applicable from the due date of the January return until the date of payment. It is advisable to file a DRC-03 form with the calculated interest promptly to avoid further increases.

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Student
23693 Points Posted on 24 July 2020
Have you utilised that ITC Ma'am to offset your Output Tax Liability ???
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On 24 July 2020 at 15:33
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42 Points Posted on 24 July 2020
Yes, i have utilise that ipt to offset opt for the month of January 2020
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On 24 July 2020 at 15:37
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Student
23693 Points Posted on 24 July 2020
Q1). Can I rectify it by filing FORM GSTR-3B on July ???

Answer : YES. You can rectify ( reverse your ITC ) your mistake in your July month's FORM GSTR-3B.

Q2). If any amount of Interest is payable ???

Answer : YES. Since you have utilised the ITC to off-set your Output Tax Liability, Interest @ 24% p.a. under Section 50 of the CGST Act 2017 will be levied.
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On 24 July 2020 at 15:44
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42 Points Posted on 24 July 2020
Suppose i have excess claimed ipt rs.6000000 on January 2020 , how much amount of interest i have to paid in july 2020
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On 24 July 2020 at 16:10
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33 Points Posted on 25 July 2020
Mam , pls file drc03 with 24% pa interest. don't wait for 3B otherwise interest will be increased everyday. interest will be calculated from due date of Jan return to till the filing date.
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On 25 July 2020 at 00:38
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42 Points Posted on 25 July 2020
If i pay 5 months interest amount?
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On 25 July 2020 at 01:15

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