IF I HAVE CLAIMED WRONG CREDIT AND HAVE PARTLY UTILISED THE SAME
NOW AT TIME OF REVERSAL I NEED TO PAY INTEREST @ 24 PERCENT ON ENTIRE AMOUNT OR THE AMOUNT I HAVE UTILISED??
EG
WRONG CREDIT CLAIMED 24000/-
UTILISED 10,000/-
TAX ON ONLY 10,000 OR ENTIRE 24,000/-
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Gst Interest Query
Replies (5)
You have to pay interest @ 24% on wrong credit claimed.
THANKS...
Welcome Kinisha. All my pleasure.
u/s 50(1) interest payable on extra ITC claimed is 18% and not 24% I think. please check up
It is 24%....
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