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Interest on ITC reversal
Suppose Mr x had taxable as well as exempt supply from April18. But the entire Input credit was taken without reversing it as per Sec 42 upto Feb 19. So while filling 3b return of March 19 we seek to reverse the ineligible credit from April 18 onwards. So the question is whether such reversal will be liable to interest? And if yes than how it should be calculated and at what rate?
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