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Regarding penalty for claimimg excess itc.
Is there any harsh penalty apart from fine like cancelation of my registration if I have claimed excess of ITC in case when I have supplied goods but the vendor has not uploaded the invoice of those goods and time period has been lapsed.
Replies (10)
Quick Summary
In case of excess ITC you have taken then you should reverse such ITC.
Otherwise Availing Input Tax Credit based on wrong Invoice Rs. 10,000 or 100% of ITC wrongly availed, whichever is higher + 24% Interest from date of availment to date of reversal Input Tax Credit (ITC) is backbone of GST structure.
Otherwise Availing Input Tax Credit based on wrong Invoice Rs. 10,000 or 100% of ITC wrongly availed, whichever is higher + 24% Interest from date of availment to date of reversal Input Tax Credit (ITC) is backbone of GST structure.
In this case you have to reverse your itc along with interest.
Agreed
Thank you sir, but is there any chances that my registration can be canceled for this?
No. I don't think the registration can be cancelled without giving you an opportunity of being heard (according to the principles of natural justice).
Further, after initiating recovery proceedings against the supplier, the department can recover tax from you, in case the supplier does not pay tax to the govt
Okay thank you!!
Welcome
No your registration cannot be cancelled in this case
Agree with poornima
Agreed
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