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wrong itc

ITC / Input 284 views 4 replies

Sumit Sangwan

13 Points Posted on 27 June 2018

I claimed blocked ITC on capital assets in month of April gstr3b ₹ 74000 cgst and sgst ₹74000, in this month I don't have any tax liability if I reverse this ITC so I should pay interest 24% on wrong ITC claim tax.

Replies (4)

CA Padmasri Manyam

CA in Practice

1340 Points Posted on 27 June 2018

The interest rate of wrong availment of credit is 24%, irrespective of whether there is tax liability.

Sumit Sangwan

13 Points Posted on 27 June 2018

I don't have tax liability so i no need to pay interest

Vinod Babu

24196 Points Posted on 27 June 2018

You reverse the Ineligible ITC and pay interest @ 24%.

Jatin

Accountant

3479 Points Posted on 27 June 2018

Agree with Ms. Padmasri Manyam & Mr. Vinod

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