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%
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
- House Property Reporting in ITR
- TDS Claim year
- Supply through E-commerce Operators
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- GST ON DAMAGED GOODS
- Agriculture income or business income
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
