ITC WRONGLY TAKEN AND THEN REVERSED
This query is : Resolved
14 August 2020
In October 2019 I mistakenly took ITC of 1.60 lakh of IGST and used in total rs.12000 for the liability of CGST and SGST in October and November, in December I reversed 1.60 lakh, out of which i had remaining credit of 1.48 lakh IGST and remaining 12000 with cgst credit... will there be any interest liability on me?
14 August 2020
You need to pay interest @ 24% on the utilised amount of Rs.12000/-
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15 August 2020
Rate of interest applicable will be 18% to the extent of utilisation .i.e.Rs.12,000/-. Interest @ 24% applicable only in case of mismatch under section 42/43.
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