Interest Payable u/s 73(5) of CGST Act 2017

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This discussion addresses the interest payable under Section 73(5) of the CGST Act 2017 due to incorrect Input Tax Credit (ITC) availment for FY 19-20. The user filed GSTR 3B for March 2021 on April 8, 2021, missing the deadline for ITC availment. It's noted that recent GST Council recommendations suggest extending the ITC deadline to 30.11.2021 for certain financial years, and an amnesty scheme for interest and penalties is also anticipated.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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13 May 2024 For FY 19-20 there was wrong availment of ITC credit in terms of section 16(4) of CGST Act 2017
GSTR 3B for March 20 was filed on 08.04.21 and as per notice last day for availing credit was 20.10.20

My question is how much interest needs to be paid u/s 73(5) of CGST Act 2017

CA Altamush Zafar

CA Altamush Zafar (Expert)
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13 May 2024 18% from date of availment i.e. 8.4.2021

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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27 June 2024 As per latest GST Council meeting it is recommended that time limit for input tax credit under section 16(4) for FY 17-18, 18-19 and 19-20 to be reckoned till 30.11.2021 so wait for the notification. In any case regarding interest and penalty there is an amnesty scheme also coming as per the Council meeting.

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