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.
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.
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
