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Chargeability of Int on ITC

Mahesh Khare (Proprietor)     04 January 2020

Mahesh Khare
 1 likes  33 points

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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.


Arjun Gupta (Chartered Accountant)     04 January 2020

Arjun Gupta
Chartered Accountant 
 6 likes  134 points

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Refer Section 50 alongwith Press Note released on 22-12-2018

Attached File : 886144 20200104123253 22181222 press release 31st gst council policy in principle.pdf downloaded: 33 times

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