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?
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.
CAclubindia
