Hi Expert,
We have availed excess Import IGST in FY 18-19, Same amount is reversed through DRC-03, while filing of annual return I.e. 08/01/2021. But now authority is asking to pay interest @ 18%. We are in arguments that we have ITC balance in SGST in crores. Then why we have to pay interest? But officer is denying that IGST paid through cash while importing that's why interest payment required.
Kindly suggest and provide notification or guidelines
Thanks in Advance
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Interest On Excess Import IGST
Replies (1)
As per the notification, Interest is required to be paid only if is utilised against output tax liability, hence the question arises is whther such excess ITC claimed is utilised against GST liabiltiy or not. If yes, then need to pay 18% interest.
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