Home Forum Goods and Services Tax - GST Month 6 2021 2021 (6) This
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Reversal of ITC - Goods and Services Tax - GSTExtract Dear experts, From a real estate company Department sent a summons and asked some documents during Feb.19 The company had obtained completion certificate during May 2017 and accumulated ITC in the credit ledgers during 2017 -18 and 2018-19. After receipt of summons the company reversed the ITC IN financial documents. The credit could not be reversed in GSTR 3B due to non filing of return due to technical problems. Department searched the premises during Aug, 19 and after seven days the return was filed and the credit was reversed from the accumulated ITC. Department asking for interest on the ground that amendment in Sec. 50 does not apply to Rule 42 and the net cash liability concept is not applicable. Also they ask for penalty. Is the Department correct in the said stand
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