TRANS 1 - INTEREST LIABILITY
Bharath (Student CA Final ) (23 Points)09 February 2023
I am having a query with the facts mentioned below
TRANS-1 filed in Aug 2017 wrongly claiming input amount of Rs.140707/- SGST instead of claiming it as CGST and the Input was utilized from Credit ledger. Revised TRANS-1 was filed in Nov 2022 and head was corrected. It was a head type mistake which had happened
My Question is Since there is no loss to the Govt as only head was wrong, will there be Interest liability under SGST to pay or is there a way we where we can justify and not pay the interest.
It will be of Great Help if anyone can suggest or give their opinion on this
Thanking you in Advance 😀