sir
I have availed ITC in books on deffective invoice during FY 17-18 & claimed in Aug-18 3B but till date not utilised said ITC .Now I want to reversed said ITC through DRC -03 . My question is I liable to pay any interest thereon ?
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Interest on ITC claimed but not utilised
Replies (4)
Accordingly my veiw takes and utlized rule not in GST . this rule was available only excise and service tax law. hence my dear interest will be applicable...
No need to pay interest on reversal of availed ITC until you used it. If you used then only you have to pay interest.
Can you please share any rule or notification for interest regarding
In a non profit organization In which we do get a lot of input ( in crores), but we collect a nominal fee(in thousands)on which we pay gst due to which we don't have much output liability to utilise input ...and the input is accumulating in the ecl every year... remaining unutilized...after September it can't be claimed any further now is there any chance to get refund or I have to lapse it compulsory...if so how?
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