Interest Rate 18% or 24%
Rajasekar (Senior Accountant) (80 Points)
07 December 2019
REVERSAL OF ITC INTEREST RATE 18% OR 24%
8 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 07 December 2019
If Wrongly claimed then 24%
Mukesh babu
(No)
(105 Points)
Replied 07 December 2019
If reversal is due to excess claim of ITC or lesser amount of output amount shown in any of the previous period. then interest would be charges @ 24%
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 08 December 2019
In term of Section 50(3) of CGST Act ,it's @ 24% is prescribed.
Shivam RC
(Student)
(23683 Points)
Replied 08 December 2019
Why are you reversing your ITC ???
Excess Claimed or Payment not made to Supplier within 180 days ???
Rate of Interest depends accordingly
Excess Claimed or Payment not made to Supplier within 180 days ???
Rate of Interest depends accordingly
Shivam RC
(Student)
(23683 Points)
Replied 10 December 2019
Interest Rate @ 18% is payable along with the ITC claimed if payment not made to Supplier within 180 days from the date of Invoice.
If it is a case of EXCESS CLAIM or REDUCTION IN OUTPUT TAX, then Interest @ 24% is levied.
If it is a case of EXCESS CLAIM or REDUCTION IN OUTPUT TAX, then Interest @ 24% is levied.
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