Gst reversal 18or 24

342 views
User Avatar

urgent query
44 Points Posted on 22 July 2024
what is the rate of interest for GST reversal 18% or 24%
0 Reply Share Follow
On 22 July 2024 at 11:37 Report
Replies (3)
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.

User Avatar

Accounts Manager
2070 Points Posted on 22 July 2024

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.

2 Reply
On 22 July 2024 at 12:16
User Avatar

urgent query
44 Points Posted on 22 July 2024
Thank you
Reply
On 22 July 2024 at 17:11
User Avatar

Accounts Manager
2070 Points Posted on 22 July 2024

your welcome & my pleasure.

2 Reply
On 22 July 2024 at 17:27

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Income tax act 2026
  2. Belated Return where Form 10IEA filed this year to
  3. GST Reconciliation Tool (2A vs Books) - looking fo
  4. TDS ON PF FORM 19 WITHDRAWAL
  5. Can a virtual office in Mumbai be used for company
  6. Eway and e invoicing in condition where 4 party ar
  7. Bank balance in ITR-3
  8. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  9. Tempsens Instruments IPO GMP Allotment Listing dat
  10. Upload Type - Correction. Not showing in TDS filli

More recent discussions | Post

Related Topics :

Loading