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Interest on ITC claimed but not utilised

AVACHAL CHAUDHARY (proprietor) (31 Points)

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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4 Replies

VIKAS SAINI (1157 Points)
Replied 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...

Sivaramaraju G (Learner) (2398 Points)
Replied 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.

VIKAS SAINI (1157 Points)
Replied 16 January 2020

Can you please share any rule or notification for interest regarding

Surekha Padala (47 Points)
Replied 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?