TaxTMI 
TaxTMI 
Interest on ITC reversal Pursuant to Notification
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....nterest on ITC reversal Pursuant to Notification<br> Query (Issue) Started By: - Kalpesh Shah Dated:- 8-12-2022 Last Reply Date:- 10-12-2022 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Respected Seniors & Experts, Facts of the Case : One of my client is builder/Developer. He has taken ITC of GST on Inputs and added it to ECL. Now Client has opted for payment of GST under New Scheme....
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.... i.e. 1%/5% without ITC as per Notification No. 3/2019 dated 29-3-2019. (Selection of new scheme or continuing with Old scheme was optional) By following that notification, my client had Reversed ITC appearing in the ECL as well as paid additional amount in Cash within the date prescribed in the notification. His Case was taken up for GST Desk Audit. During audit Proceedings Officer is asking fo....
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....r Interest on ITC Reversal on amount appearing in ECL as well as Cash paid amount. Querry : 1. Can officer ask for interest on ITC reversal as appearing in ECL pursuant to notification ? 2. Can officer ask for Interest on Amount paid in cash, which is also pursuant to notification ? Pls guide. Thank you Reply By Ganeshan Kalyani: The Reply: In my view, interest is not payable. Reply By Shi....
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....lpi Jain: The Reply: In case the reversal is being done as per the provisions of Annexure I & II to the Rate notification, within the time limit specified in that notification/Annexure, no interest would be liable. "...before the due date for furnishing of the return for the month of September following the end of financial year 2018-19, in the following manner:" This is the due date ....
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....as per the said notification Reply By Amit Agrawal: The Reply: I agree with my fellow colleagues. What I want to know is the 'legal basis / reasoning' of Dept. to raise such types of demand? These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Kalpesh Shah: The Reply: Respected Seniors & Experts, Thank you for your Valu....
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....able input.<br> Discussion Forum - Knowledge Sharing ....