Hi
By mistake we availed ITC under CGST and SGST instead of availing under IGST. Do we need to pay interest on rectification of the same in the subsequent month?
Thanks
Sajith B
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Interest on reversal of ITC
Replies (3)
Quick Summary
No need... Interest not applicable for this mistake (and rectification).
No................... (Refer Section 77 of CGST Act)
Interest to be paid @ 24% p. a. Sec 77 of CGST Act specifically talks about 'tax wrongfully collected paid to Government'. The emphasis is on the output tax and not on ITC.
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