I claimed excess credit in tran 1 now i want to pay back excess credit using drc 03 under which section should i pay and what will be my overall tax period and tax period month in drc 03 is Intrest payable if yes for what period for wrong excess tran 1 credit utilised . From july 17 or from the datei utilised or taken tran 1 credit . Is intrest calculated on flat rat system or compounding rate system
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Wrong tran 1 claimed how to reverse or pay back using drc 03 and what is Overall tax periid
Replies (7)
Quick Summary
1. Payment to be made under Section 73.
2. Tax period should be the year in which credit taken.
3. Interest is payable under Section 50 at simple rate.
4. Interest to be calculated from the date of filing of TRAN1 to the date of payment.
2. Tax period should be the year in which credit taken.
3. Interest is payable under Section 50 at simple rate.
4. Interest to be calculated from the date of filing of TRAN1 to the date of payment.
Thanks
Is tran 1 credit is sgst or cgst
in what head should i pay
I claimed vat credit
VAT credit should be SGST. Check your ITC ledger for confirmation.
How to pay
using cash ledger or
can i use input tax to pay off liability
You may use ITC for payment.
We claimed excess credit of 10,000/- in TRAN-1 in July 2017. When we realized, we paid the excess payment to VAT department in February 2018 as told to us by GST officer. Now the new GST officer has send us a notice that the payment should be made on GST portal. So the payment of 10,000/- should be paid with interest for 6 years and the previously paid amount under VAT head should be claimed for refund as per the officer. Please guide us what to do. Thanks.
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