Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Reversal Of TRAN-1 credit

Harsh Dwivedi (Service) (69 Points)

21 February 2019

Can we reverse Tran-1 credit through filing DRC-03

Reply
Follow
Share

4 Replies

shailendra shukla (Bhopal) (1741 Points)
Replied 21 February 2019

gst portal does not allow for making partial payments against a liability declared voluntarily. The payment has to be made with reference to amount being demanded or already demanded in Show cause notice...

Shaurya Sahrawat (85 Points)
Replied 21 February 2019

yes you can.
it is a voluntarily payment but you have to pay with interest as applicable.

Harsh Dwivedi (Service) (69 Points)
Replied 22 February 2019

How to calculate interest and for what period

Shaurya Sahrawat (85 Points)
Replied 22 February 2019

With 18% of interest pa from the date of availment of that credit. If your credit was reflected in your credit ledger in the month of Dec-17, then interest should be calculated from Dec-17