Respected Sir/Mam, if a person claims ITC in GSTR-3B for the month of September for Rs 1,00,000/- but his gstr-2b was showing ITC for Rs 80,000/- till 11 October and the balance Rs 20,000/- was reflected in gstr-2a on 19 October then the interest liability on early claim of ITC by the person would be calculated for how many days whether for 8 days or for a month? And what would be the rate of interest whether 18% or 24%
ASHU GUPTA Asked question November 6, 2020
10% grace is anyways allowed under Rule 36(4), thus ITC can be availed for Rs 88,000/-. Thus excess credit is of Rs 12,000/- on which interest for entire month will be payable @ 18% p.a.
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Frah Saeed Changed status to publish November 13, 2020