Interest on Interest

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student
8138 Points Posted on 02 April 2021

Is interest on interest is charged on wrongly claimed ITC reversed in next financial year?

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On 02 April 2021 at 20:42 Report
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Quick Summary
This discussion clarifies whether interest is charged on interest when Input Tax Credit (ITC) wrongly claimed is reversed in a subsequent financial year. The consensus is that interest on interest is not applied in such cases.

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Chartered Accountant
24588 Points Posted on 02 April 2021
You can reverse the ITC
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On 02 April 2021 at 21:02
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309 Points Posted on 04 April 2021
No, interest on interest is not charged
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On 04 April 2021 at 16:13
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Chartered Accountant
86505 Points Posted on 04 April 2021

Interest not charged on interest.

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On 04 April 2021 at 19:07

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