Interest Payable u/s 73(5) of CGST Act 2017
This query is : Resolved
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
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
13 May 2024
18% from date of availment i.e. 8.4.2021
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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