It is clarified that as an alternative method, taxpayers may reverse the wrongly availed CENVAT credit under the existing law and inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B.
The applicable interest and penalty shall apply on all such reversals which shall be paid through entry in column 9 of Table 6.1 of FORM GSTR-3B.
Interest payable would be 18% p.a. applicable from the day succeeding the day on which such tax was due to be paid.
Moreover, such person is also liable to pay penalty as under -
(a) for any reason, other than the reason of fraud or any wilful misstatement or suppression of facts to evade tax, shall be liable to a penalty of ten thousand rupees or ten per cent. of the tax due from such person, whichever is higher;
(b) for reason of fraud or any wilful misstatement or suppression of facts to evade tax, shall be liable to a penalty equal to ten thousand rupees or the tax due from such person, whichever is higher. [S. 122(2) - CGST Act, 2017]
Circular No. 58/32/2018 - GST - Dated 04-09-2018
The applicable interest and penalty shall apply on all such reversals which shall be paid through entry in column 9 of Table 6.1 of FORM GSTR-3B.
Interest payable would be 18% p.a. applicable from the day succeeding the day on which such tax was due to be paid.
Moreover, such person is also liable to pay penalty as under -
(a) for any reason, other than the reason of fraud or any wilful misstatement or suppression of facts to evade tax, shall be liable to a penalty of ten thousand rupees or ten per cent. of the tax due from such person, whichever is higher;
(b) for reason of fraud or any wilful misstatement or suppression of facts to evade tax, shall be liable to a penalty equal to ten thousand rupees or the tax due from such person, whichever is higher. [S. 122(2) - CGST Act, 2017]
Circular No. 58/32/2018 - GST - Dated 04-09-2018
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