Neha Verma (13 Points)
05 December 2019
Anshika Aggarwal
(Chartered Accountant)
(186 Points)
Replied 05 December 2019
No interest is required to be paid
narendra
(Accountant)
(281 Points)
Replied 06 December 2019
As per Section 40(2) of CGST Act, interest is NOT payable on ITC claimed in excess (as per Section 50(3) of the CGST Act) if the same is Not utilised for setoff of output tax liability.
A good article is available on Ta_gur_ if you look for "Interest on irregular availment of ITC under GST" on the internet (..read from 5th para onwards).
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 07 December 2019
CAclubindia
