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Wrong tran 1 claimed how to reverse or pay back using drc 03 and what is Overall tax periid

ITC / Input 428 views 7 replies

naresh

accountancy

56 Points Joined April 2017

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

Replies (7)

Jamil Ahmed

615 Points Joined July 2017

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.

naresh

accountancy

56 Points Joined April 2017

Thanks

Is tran 1 credit is sgst or cgst

in what head should i pay

naresh

accountancy

56 Points Joined April 2017

I claimed vat credit

Jamil Ahmed

615 Points Joined July 2017

VAT credit should be SGST. Check your ITC ledger for confirmation.

naresh

accountancy

56 Points Joined April 2017

How to pay

using cash ledger or

can i use input tax to pay off liability

Jamil Ahmed

615 Points Joined July 2017

You may use ITC for payment.

Jatin

Owner

41 Points Joined November 2012

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.