9911796707
TMI BlogWRONG AVAILMENT OF ITCX X X X Extracts X X X X X X X X Extracts X X X X ..... One of our client is engaged in export of services and is 100% EOU. Suppose unit has ₹ 100 as ITC and ₹ 18 as RCM Input however unit has wrongly availed input tax credit of ₹ 118 and RCM of ₹ 18 in GSTR-3B resulting into excess input of ₹ 18. That the unit had applied for refund for such higher amount wherein AO has deducted ₹ 18 which was wrongly availed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y unit in GSTR-3B as such effect of wrong availment got rectified. Later on AO has re-credited the amount of ₹ 18 to electronic credit ledger of unit and now during audit we are filing DRC-03 for ₹ 18 which was wrongly availed. Now question is whether we have to pay interest on such amount as the amount of ₹ 18 was never utilised by unit and balance in electronic credit le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dger was always more than ₹ 18. - Reply By Ganeshan Kalyani - The Reply = How can you justify the tax was not utlised. It is a difficult task. Interest may be applicable for the time period during which you took credit and reversed by your own. However, department may demand interest from the date the credit was credited into your ECL to till the date of payment. If you came to know about ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tax being recredited to your account that would have been the correct time to reverse the same. - WRONG AVAILMENT OF ITC - Query Started By: - ROHIT GOEL Dated:- 21-1-2020 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
