INTEREST CALCULATION ON EXCESS ITC CLAIMED
This query is : Resolved
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
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.
From the date of excess claim utilised 18% interest applicable.
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