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Interest may levy or not

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Input is claimed erroneously and not utilised during the same financial year.
Now I am reversing it after I get notice violation of 16(4).

I will have to pay interest on the same amount? if no, please suggest me circular no, notification no or press release.
Replies (2)
Was the input utilised in any subsequent years?

If input is not utilized (your e credit ledger does not fall below the amount of wrongly claimed and availed ITC) then you need not pay any interest in view of section 50(3) read with rule 88B.


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