Home Forum Goods and Services Tax - GST Month 1 2020 2020 (1) This
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WRONG AVAILMENT OF ITC - Goods and Services Tax - GSTExtract One of our client is engaged in export of services and is 100% EOU. Suppose unit has ₹ 100 as ITC and ₹ 18 as RCM Input however unit has wrongly availed input tax credit of ₹ 118 and RCM of ₹ 18 in GSTR-3B resulting into excess input of ₹ 18. That the unit had applied for refund for such higher amount wherein AO has deducted ₹ 18 which was wrongly availed by unit in GSTR-3B as such effect of wrong availment got rectified. Later on AO has re-credited the amount of ₹ 18 to electronic credit ledger of unit and now during audit we are filing DRC-03 for ₹ 18 which was wrongly availed. Now question is whether we have to pay interest on such amount as the amount of ₹ 18 was never utilised by unit and balance in electronic credit ledger was always more than ₹ 18.
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