TaxTMI 
TaxTMI 
If a person not followed rule 86B and utilized 100% ITC instead of 99%, after realising person want to deposit 1% Tax cash trough DRC-03, My question is what section should be selected during deposit 1% Tax through DRC-03.
RULE 86B - UTILISED 100% ITC
21 Sep 2024 
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Voluntary payment under Section 73: correct ITC overutilisation by depositing the shortfall via DRC 03 with interest.
Regularise excess ITC utilised in breach of Rule 86B by making a voluntary deposit through DRC 03 under Section 73, stating that 100% ITC was wrongly used and the shortfall is being corrected by cash ledger remittance; provide for interest under Section 50 for the shortfall period and specify the GSTR 3B month in which the 1% re credit is availed. Subsequently claim the recredited amount in the relevant GSTR 3B and intimate the department of the correction. (AI Summary)
Regularise excess ITC utilised in breach of Rule 86B by making a voluntary deposit through DRC 03 under Section 73, stating that 100% ITC was wrongly used and the shortfall is being corrected by cash ledger remittance; provide for interest under Section 50 for the shortfall period and specify the GSTR 3B month in which the 1% re credit is availed. Subsequently claim the recredited amount in the relevant GSTR 3B and intimate the department of the correction. (AI Summary)