If a business has a credit balance in its electronic credit ledger but has availed excess ITC, the key factor is whether that excess ITC was utilized against any output tax liability. If not utilized, then under Section 50(3) of the CGST Act (as amended), no interest will be charged on the unutilized excess ITC.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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