GST interest rate on reversal of GST Input

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The GST interest rate for wrongly availed and utilised Input Tax Credit (ITC) was previously 24%. The GST council has recently reduced this rate to 18% with retrospective effect. However, the official notification for this change is still pending.

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(Querist)
29 June 2022 what will be the GST interest rate on reversal of GST input.
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CA Puja Sharma

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CA Puja Sharma (Expert)
29 June 2022 The rate of interest will be for wrongly availed and utilised ITC is 24%.
The same have been recently reduced by the GST council from 24% to 18% with retrospective effect. But the effective notification is yet to come
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CA Puja Sharma

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CA Puja Sharma (Expert)
29 June 2022 The rate of interest will be for wrongly availed and utilised ITC is 24%.
The same have been recently reduced by the GST council from 24% to 18% with retrospective effect. But the effective notification is yet to come
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