Excess itc claimed then intrest applicable even if credit balance
ashish dharkar (accountant) (141 Points)
30 November 2024ashish dharkar (accountant) (141 Points)
30 November 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178628 Points)
Replied 30 November 2024
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.
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