Interest on Interest

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

Replies (3)
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.

You can reverse the ITC
No, interest on interest is not charged

Interest not charged on interest.

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