What if rule 36(4) not follow

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..... What if rule 36(4) not follow
Query (Issue) Started By: - KARAN VERMA Dated:- 15-12-2020 Last Reply Date:- 28-12-2020 Goods and Services Tax - GST
Got 4 Replies
GST
Sir If I m claiming excess credit in 3B as compared to shown in 2B, then what will be penal provisions under GST Act and rules ? Will department disallow such credit if credit amount shown in next month 2B. Reply By Raj .....

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..... agopalan Ranganathan: The Reply: Sir, If the credit amount is shown in the nest month 2B you can take the credit only in that month. If you have taken in the previous months 3B you have to pay back the excess credit taken with interest. Reply By KASTURI SETHI: The Reply: After in agreement with Sh.Ranganathan, Sir I add that penalty is also imposable in the situation explained. Reply By Ganes .....

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..... han Kalyani: The Reply: I agree with the views of the expert. Further, in my view, the scenario of taking excess credit could be because in the last month the goods was in transit but supplier uploaded invoice in GSTR-1 so it got populated in 2B. But since goods received in this month you took credit in this month. And in this month 2B credit would be less because of the stated reason. So it depe .....

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..... nds case to case basis. Reply By AshaKanta Sharma: The Reply: As per view, No Penalty or interest will be levied in case we are claiming ITC as per books but these does not shows up in 2B. There may be delay of 1-2 months to get the same reflected. The problem will arise if the supplier does not upload these invoices before GST Annual GSTR-9/9C fillings then we have to reverse all the ITC with I .....

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..... nterest. We do have to carry out con current reconciliations between books vs 2b and chase vendors if invoices are not reflecting in 2b. We also have to make sure we are paying before 180 days to the vendors from the date of invoice otherwise ITC claimed will have to reversed back and in case of MSME we have to make sure we are paying before 45 days. GST ITC can be claimed on self assessement ba .....

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..... sis also....
Discussion Forum - Knowledge Sharing .....

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