Question ID :
39259
INTEREST FOR EXCESS CREDIT TAKEN IN TRAN 1
ONE OF CLIENTS GOT LETTER FROM DEPT CHARGING INTEREST U/S 50 OF CGST ACT FOR EXCESS TRAN CREDIT AVAILED UPTO THE PERIOD OF REVERSAL OF EXCESS CREDIT TAKEN.
QUERY : IS THERE ANY OTHER RECOURSE THAN MAKING PAYMENT ??? SHALL WE GET LEGAL HELP IF WE GO FOR APPEAL ?? YOUR OPINION IS HIGHLY SOLICITED WITH REFERENCE TO SECTION,RULE,NOTIFICATION AND CASE LAWS.
Posted by
SUDIP KUMAR MUKHOPADHYAY
on
Jul 02, 2019
Filed Under
GST
if you admit that the TRANS 1 credit was excess and subsequently reversed, int @24% is to be paid. if the reversal was out of ITC availed, but not utilised, there is achance of challenging the int. levy. there are contrary decisions on similar issues in CENVAT regime.
Posted by
CA. VENKITARAMAN K V on
Jul 06, 2019