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1 year ago

Gst (What is your answer? Read and tell me - Company is setting up business. First year there is only expense. No income. So no GST output liability. Only ITC is being filed in the GSTR3B. The company mistakenly finds out during audit, that ITC of Rs 5 lakhs was taken twice in March 2020. It wants to reverse the excess 5 lakhs in July 2020 GSTR3B. Will interest @ 24% apply on this reversal since ITC was not set off against any output liability and there is no loss to the revenue as such?)

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