• Wrong credit credit taken in 3b

For the financial year 2018-19 ,the igst credit has been taken as sgst.cgst credit and noticed only during the month dec 2019 . what will be the tax implication of the mistake .
Asked 1 month ago in GST from Puttur, Karnataka

You can reverse the same and Pay the correct tax with interest 

Vidya Jain
CA, Kolkata
766 Answers
20 Consultations

4.8 on 5.0



Reverse the wrongly claimed ITC along with interest.

Since ITC in respect of FY 18-19 could only be claimed till Sep 19, the correct ITC shall lapse.

Lakshita Bhandari
CA, Mumbai
4255 Answers
239 Consultations

5.0 on 5.0

You must reverse the incorrect credit along with interest.

and legally now you cannot even take credit of that IGST.


Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
2688 Answers
24 Consultations

5.0 on 5.0



You must reverse the wrongly claimed ITC along with interest.



Payal Chhajed
CA, Mumbai
3730 Answers
50 Consultations

5.0 on 5.0



You will be required to reverse the wrong credit taken with interest. Since ITC is a cumulative concept, you can the eligible IGST credit now.

I hope that this answer satisfies your requirements.



CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Madhya Pradesh
1587 Answers
5 Consultations

5.0 on 5.0

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