Interest on ITC claimed but not utilised

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proprietor
31 Points Posted on 15 January 2020
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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On 15 January 2020 at 10:06 Report
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This discussion addresses the crucial question of whether interest is payable on Input Tax Credit (ITC) that has been claimed but not yet utilised. The consensus suggests that interest is generally not applicable if the ITC remains unutilised. However, if the ITC has been used, then interest charges may apply. The thread also touches upon the reversal of such ITC via DRC-03 and explores scenarios for non-profit organisations with accumulating unutilised ITC.

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1167 Points Posted on 15 January 2020
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...
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On 15 January 2020 at 11:29
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Learner
2398 Points Posted on 16 January 2020
No need to pay interest on reversal of availed ITC until you used it. If you used then only you have to pay interest.
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On 16 January 2020 at 11:29
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1167 Points Posted on 16 January 2020
Can you please share any rule or notification for interest regarding
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On 16 January 2020 at 23:16
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49 Points Posted on 29 May 2021
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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On 29 May 2021 at 16:38

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