Q. 716 please confirm rate of interest liability on ITC reversal ?

Ans. The interest rate on ITC reversal is 18% per annum.

Q. 715 Where TDS has been reported u/s 194R of Income Tax Act (Business Promotion Expenses), (1) whether GST is need to be paid? (2) if Yes, under forward charge or Reverse Charge. (3) if No, whether Bill of Supply need to be issued. (4) where this amount need to be reported in GSTR3B- Taxable, Exempt, Non GST?

Ans. Business promotion expenses are major heads. We need to understand the whole transaction to determine the GST Applicability on it. You are required to elaborate the transaction so as to get better response.

Q. 714 MY GSTR 1 FOR SEPTEMBER 2017 WAS UPLOADED WITH PROPER FIGURES BUT 3B FOR RELEVANT MONTH WAS UPLOADED WITH NIL DATA. IN EFFECT WE DID NOT CLAIM ITC ON INPUT FOR SEPTEMBER 2017. MY PURCHASES WERE GENUINE AND I PAID MY SUPPLIERS BY CHEQUE. NOW IN 2023, DEPARTMENT IS DEMANDING PAYMENT FOR DIFFERENCE IN GSTR 1 AND 3B. MY QUERY BEFORE YOUR LEARNED TEAM IS THAT, DO I HAVE TO PAY THE ITC AGAIN WHICH I HAD ONCE PAID TO MY SUPPLIER BUT INADVERTANTLY MISSED TO CLAIM SUCH ITC IN 3B ?

Ans. As per GST law, the input tax credit will not be available for Sept 2017, however, in case of genuine purchases you may litigate the matter against the tax authorities. However, it is advised to take detailed opinion on the above subject matter.