Home Forum Goods and Services Tax - GST Month 1 2020 2020 (1) This
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Reversal of ITC Claim on Blocked Credit in GST Annual Return - Goods and Services Tax - GSTExtract We have claimed the ITC on the Vehicles which is a blocked credit u/s 17(5) of CGST Act 2017 in F.Y 2017-18. What would be the treatment of such credit in GST Annual Return and Audit? If we need to reverse it ,under which table we need to disclose in GSTR 9 9C ? Do we need to pay tax on the such ITC claimed (to be reversed) along with the interest, what would be the rate of interest (18% or 24% ) ,and for which period interest is calculated? What would be the treatment if the ITC was claimed but not yet utilized which was still reflecting in credit ledger, in such case what would be the period of charging the interest and liability payable?
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