TaxTMI 
TaxTMI 
ITC WRONGLY ENTERED IN 3B BUT NOT AVAILED ITC SECTION 50 (3) INTEREST NOT CHARGEABLE DUE TO ITC EXCESS IN EVERY MONTH WITHOUT WRONGLY ENTERED ITC
ITC WRONGLY ENTERED IN 3B
PUNEET NEMA
Interest Not Chargeable for Incorrect ITC Entry in Form 3B with Excess ITC Every Month under Section 50(3) A query was raised regarding the incorrect entry of Input Tax Credit (ITC) in form 3B under the Goods and Services Tax (GST) system. The issue concerned whether interest under Section 50(3) would be applicable since the ITC was not availed and there was an excess ITC every month. Two responses were provided, both confirming that interest is not chargeable in this situation. (AI Summary)