ITC WRONGLY ENTERED IN 3B

[PUNEET NEMA]

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

[KASTURI SETHI]

Interest not chargeable.

[Ganeshan Kalyani]

Yes, interest not applicable.

AI Summary

Input tax credit wrongly entered but not availed: interest under Section 50(3) not chargeable, per forum guidance. The query asked whether interest under Section 50(3) applies where Input Tax Credit was wrongly entered in GSTR-3B but not availed; forum replies concluded that interest is not chargeable because the excess credit was never utilized, distinguishing incorrect reporting from actual availment for interest liability.