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Reversal of excess ITC

Sumeet Gupta (115 Points)

21 October 2021  
if excess/undue itc is claimed by mistake in GSTR 3b of a particular month, Can it be reversed under table 4(b) (2) i.e ITC reversed-others column of GSTR 3b or DRC 03 has to be filled and secondly if any interest has to be paid along with reversal if this excess itc has not been utilized?

 4 Replies

prasad Nilugal (3864 Points)
Replied 21 October 2021

When you have claim excess ITC ?.

Sumeet Gupta (115 Points)
Replied 21 October 2021

In previous quarter

prasad Nilugal (Sr . Accountant and GST Practitioner . )   (7035 Points)
Replied 21 October 2021

You can reverse in Table (b)(2) of GSTR3B, in current month or next month however ,interest is applicable along with reversal .

Sumeet Gupta (115 Points)
Replied 21 October 2021

Is interest application even if ITC has not been utilized. If yes, then is the interest rate 24% per annum

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