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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Missed uploading GST Invoice
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Appointment of Auditor By Form ADT-1
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
