Question122: If excess ITC is claimed in Dec.,2017, what is the procedure to deposit it and get it adjusted for the period in which excess ITC is availed.

Answer Input Tax credit when availed in excess shall be added back to the output tax liability in the succeeding GSTR-3B. and can be paid through cash payment or through reversal of utilized ITC along with interest but interest shall be paid in cash. (reply dt. 05/04/2018)