TaxTMI 
TaxTMI 
What to do if i had claimed ITC of import goods in the head of all other ITC??
ITC claimed in wrong head
03 Mar 2020 
5 Replies 
6509 Views Asked by
Input tax credit misclassification may require departmental rectification and could attract interest depending on revenue impact.
Misclassification of Input Tax Credit in GSTR 3B should be rectified by intimating the department and obtaining defreezing of the return via the jurisdictional Range Officer or Deputy Commissioner so the credit can be reversed and reclassified under the proper import goods head. Although the lapse is procedural and interest is compensatory where no revenue loss occurs, the legal position remains that interest may be chargeable for availment of credit under a wrong tax head, subject to the limited statutory exception when tax is paid under IGST instead of CGST/SGST. (AI Summary)
Misclassification of Input Tax Credit in GSTR 3B should be rectified by intimating the department and obtaining defreezing of the return via the jurisdictional Range Officer or Deputy Commissioner so the credit can be reversed and reclassified under the proper import goods head. Although the lapse is procedural and interest is compensatory where no revenue loss occurs, the legal position remains that interest may be chargeable for availment of credit under a wrong tax head, subject to the limited statutory exception when tax is paid under IGST instead of CGST/SGST. (AI Summary)