Interest on itc reversal
We have taken wrong itc of hotel 60000 but after 2 month we have reversed the same.
During this period we have excess itc credit approx 20000 in credit ledger which was not utilised .and cash ledger credit approx 35000 which was not utilised.
So pls advise whether we have to pay interest on 5000 only or 60000 ?
Can we adjust cash ledger balance amount at the time calculating interest?
Can we pay interest amount from cash ledger balance instead of paying from bank.?