ITC Reversal on common credit
This query is : Resolved
13 September 2019
In case of reversal of ITC under Rule 42 on common credit taken against exempt as well as taxable supplies,the rate of interest payable on delayed reversal of common credit will be 18% or 24%?
13 September 2019
Please refer section 50 of CGST act.
The interest rate is @ 18% is applicable for failure of full payment or part payment within the due date. the interest is to be paid from the succeeding of due date till the date of making payment.
The interest rate is @ 24% applicable for undue or excess claim if input tax credit under section 42(10) of CGST act.
Hence delayed reversal of GST ITC will attract interest @ 24%
The interest rate is @ 18% is applicable for failure of full payment or part payment within the due date. the interest is to be paid from the succeeding of due date till the date of making payment.
The interest rate is @ 24% applicable for undue or excess claim if input tax credit under section 42(10) of CGST act.
Hence delayed reversal of GST ITC will attract interest @ 24%
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