Q. 97 Sir, A Gst registered regular scheme medicines commodity business dealer for example Itc claim cgst :45,500/- sgst:45,500/- as per books and orginal invoice based. Itc claim cgst :40,300/- sgst:40,300/- as per gstr2a/gstr2b for one month. Question: Dealer itc claim difference amount reverse procedure show in gstr3b return and accounting entry books. 

Ans. ITC reversal is to be made in column 4(B) of GSTR-3B under “ITC reversed”. Further, section 50 (3), interest at the rate of 18 per cent to be levied on excess ITC claimed of amount of INR 5200 each.

Q. 96 Sir, A Gst registered composite scheme dealer annual return Gstr-4 filed in f.y.21-22. Sales turnover rs:38 lacs and purchases turnover rs:49 lacs show in as per Gstr-4 Annual return f.y.21-22. If dealer sales turnover rs:58 lacs and purchase turnover rs:69 lacs show in it returns f.y.21-22. Question: Dealer difference sales and purchases turnover show procedure gst returns and tax pay procedure

Ans. Under GST returns, excess tax on turnover on difference amounts of INR 20 lacs is to be declared through DRC-03. Further, interest on delayed payment of tax to be discharged as per sub-section (1) of section 50. There is no provision of revision of return in GSTR-04. 

Q. 95 AS PER FINANCE ACT 2022 IN SIXTH SCHEDULE IT IS MENTIONED THAT RATE OF INTEREST SHALL BE SUBSTITUTED WITH 18% IN PLACE OF 24% W.E.F. 01-07-2022, WHETHER IT IS NOTIFIED OR NOT, IF NOTIFIED PLEASE PROVIDE NOTIFICATION NUMBER, THANK YOU

Ans. As per clause 116 of finance act 2022, interest rate of 24% have been reduced to 18% and it is applicable retrospectively from 1.7.2017.