input reversal

Originally posted by : niyazuddin siddiqui
	whats rate of interest will apply on GST ITC reversal.

Sec. 50. Interest on delayed payment of tax

Sub Setion (3) A taxable person who makes an undue or excess claim of input tax credit under subsection (10) of section 42 or undue or excess reduction in output tax liability under sub-section (10) of section 43, shall pay interest on such undue or excess claim or on such undue or excess reduction, as the case may be, at such rate not exceeding twenty four per cent, as may be notified by the Government on the recommendations of the Council.