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INTEREST CALCULATION ON EXCESS ITC CLAIMED

This query is : Resolved 
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(Querist)
20 November 2022 ONE OF MY CLIENT HAS CLAIMED EXCESS ITC IN COMPARISION TO 2B DURING FY 2020-2021 I WANT TO KNOW FROM WHICH MONTH INTEREST ON SUCH EXCESS CLAIM MAY BE CALCULATED
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 November 2022 Section 50(3) of the Central Goods and Services Tax Act, 2017 ("CGST Act") to provide for levy of interest only in cases where input tax credit has been wrongly availed and utilised.
From the date of excess claim utilised 18% interest applicable.
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