Gst reversal 18or 24

what is the rate of interest for GST reversal 18% or 24%
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Quick Summary
This discussion clarifies the interest rates applicable to GST reversals. Generally, an 18% annual interest rate applies if Input Tax Credit (ITC) was wrongly availed and utilised. However, a higher rate of 24% per annum is charged in cases of fraud or suppression of facts.

Generally if ITC is wrongly availed and utilized, and it needs to be reversed, the interest rate applicable is 18% per annum. where in the case of fraudulently or by suppressing facts than 24% interest apply.

Thank you

your welcome & my pleasure.

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