If while filing GST 3B input tax credit was taken of which we were not entitled to take
now to do reversal in gst 3b in upcoming month
so where we have to enter in gst 3b of coming month further such reversal is neither reversal on account of 17(5) nor on account of Rule 42/43 so in others under which head to be taken
a) itc reversed other or
b) ineligible itc others
what would be the rate of interest and period??
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Reversal or Ineligible ITC
Replies (5)
Hey
Option (a) to be chosen & Interest rate would be as per section 50(3) @ 24% p.a.
Option (a) to be chosen & Interest rate would be as per section 50(3) @ 24% p.a.
If partial credit has been utilised then it has to be reversed and balance utilized credit only has to be paid na??
only on the part of amount u hv taken excess credit, & now reverse
If u have not availed that excess credit wrongly taken by u... Just reverse it in next gstr3b in others... And that case no interest is charged
I Have puchse Ex 100+18%
How entery In GST3
all other ITC and Ineligibile ITC
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