Mahesh Khare (Proprietor) 04 January 2020
In case whole year if tax is not payable due to excess itc. and his no is cancelled after filing all the returns I have filed revocation of cancellation application. Now Authority said that you have to pay int on itc consumed also. I told him that if the balance of itc is with you in credit ledger and our purchase party had already paid tax on it why I will pay int on itc again. Please clarification on the said issue.
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Arjun Gupta (Chartered Accountant) 04 January 2020
Refer Section 50 alongwith Press Note released on 22-12-2018