If ITC is wrongly claimed excess or claimed though not eligible. 1) Under which Section it is mentioned that Interest is not required to be paid if sufficient balance is maintained to cover the excess credit 2) This provision is valid from which date?
Interest is payable @ 24% in case of excess ITC claimed.
Kindly note that 24% interest is as per section 50(3) of the CGST act, 2017, and this section will be applicable on the basis of matching concept available in GSTR 2 and GSTR 3. so as GSTR 2 and GSTR 3 is not operational till date, then 24% is not applicable here.
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