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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- Presumptive income under Income tax act 2025
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
