Dear Members,
My company has wrongfully taken excess ITC of Rs. 2.68L in the December 2019 GSTR 3B but the same has been reversed in April 2020. I just want to know whether any interest is payable on such reversals?
Kindly answer its urgent.
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Reversal of excess ITC claimed in subsequent return
Replies (4)
Quick Summary
Yes. 100 and 10% you has to pay Interest u/s 50 on excess claim ITC @ 24% p.a.
Yes as per Section 50 of CGST Interest @ 24% pa is applicable
Yes, you will have to pay Interest under section 50 ,wherein it requires to pay interest @ 24% as you did not do the same process in the month of January .So you will have to pay interest irrespective of the fact that you have reversed the excess ITC in the month of April.
Thanks to all. would it make any difference if that ITC were reflected in GSTR 2A till April 20
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