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Calculation of Interest on wrong Input Availed

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Proprietor
538 Points Posted on 02 June 2022
Wrong Input Availed in Sept'2019 but the same has been unutilised till Oct'2020.

The Wrong Input utilised in the month of Nov'2020.

Now my question is

1) Whether we have to charge interest from Sept'2019 or Nov,2020

2) Under which section we have to reverse the amount

3) Financial Year to be selected
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On 02 June 2022 at 16:21 Report
Replies (4)
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GST Consultant
15986 Points Posted on 02 June 2022

Interest payable from Nov 2020.

Interest payable under section 50(3).. Reversal to be made as per section 73

Financial years 2020-21 and 2021-22 and now 2022-23

55 Reply
On 02 June 2022 at 21:44
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Proprietor
538 Points Posted on 03 June 2022
If we have utilised CGST & SGST Input but not utilised Cess amount. In this case how to reverse the wrongly availed input and which period to be selected for Cess reversal in DRC 03.
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On 03 June 2022 at 11:20
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GST Consultant
15986 Points Posted on 03 June 2022

Interest only payable on CGST and SGST.

No interest on cess.

Period to be selected will be the one in which non compliance occurred

55 Reply
On 03 June 2022 at 11:22
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CA
10436 Points Posted on 03 June 2022
Agreed with altamush
40 Reply
On 03 June 2022 at 23:37


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