TaxTMI 
TaxTMI 
EXCESS ITC REFUND CLAIMED
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....XCESS ITC REFUND CLAIMED<br> Query (Issue) Started By: - SURYAKANT MITHBAVKAR Dated:- 24-12-2019 Last Reply Date:- 26-12-2019 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>We have taken refund of Unutlised ITC (Zero Rated) (Direct Export) in the month of April-2018. While calculating ITC claim by oversight we have claimed excess of ₹ 878219/- and same has been allowed by GST depar....
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....tment after keeping 10% amount to be sanctioned later. Now when we apply for 10% refund we have noticed that we have claimed excess amount. Whether department is charged interest on the same since they have issued refund against our ITC. If we paid amount whether department will release our ITC so we can avail ITC against our Domestic supply. Reply By Mahadev R: The Reply: In total, if there ....
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....is any excess refund claimed, then pay it back through DRC-03. Interest may be demanded from date of sanction of refund till date of payment. It is better to bring it to notice of department at the earliest so that there would be no penalty demanded. Reply By Ganeshan Kalyani: The Reply: I agree with Sri Mahadev Ji, on the point that upfront intimation of such fact need to be reported to the aut....
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....hority. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Better you may inform the department and pay the excess amount of refund got by you. Reply By KASTURI SETHI: The Reply: I agree with the views of the experts. Reply By Nandan Khambete: The Reply: Excess ITC of ₹ 8,78,219 is claimed or excess refund of ₹ 8,78,219/- is claimed ? If ₹ 8,78,219 is excess refund claimed, h....
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....ow much out of if is actually received in 90% refund sanctioned and received ? Whether Refund is filed "in" April 2018 or "for" April 2018 ? If later , when have you filed refund and when have you received RFD 02 and RFD 04 ?<br> Discussion Forum - Knowledge Sharing ....