Question ID :
37989
ITC Reversal
The company has availed higher rate of drawback and also claimed SGST portion as refund . While filing GSTR 3B the amount of claim is mentioned against CGST and SGST both as the system automatically fills both the column. we want to reverse the ITC showing in credit ledger as it is not eligible for refund. Asked GST helpdesk, they told to put the figure in GSTR-3B 4(B)(2) but interest is leviable on reversal. My question is why should interest is applicable as it is not covered under Section 37
Posted by
RANJAN KHANDELWAL
on
Feb 19, 2019
Filed Under
GST
Answer ID :
76351
Since you have not only claimed the undue credit but it has been considered in 3B also. Therefore you have to pay the interest.
Posted by
CA. JHA SHANKAR KUMAR on
Mar 07, 2019