Dear sir,
If a registered person excess claimed the ITC in tran 1 than availability,
what is the interest rate on this excess amount if we reverse it today.
regards
Harish
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Interest on wrong itc claimed
Replies (6)
Quick Summary
Maximum interest is 18% ..
Since it is self realisation and not on demand .The interest can be retained
Since it is self realisation and not on demand .The interest can be retained
If the ITC was utilised then interest rate is 18% otherwise if not utilised then there is no interest
In Tran excess ITC claim by u.but no stock in ur part.So.which may b communicate with ur jurisdictional authority,for disallowed purpose.
Pay 18% per annum on the amount of excess ITC if the notice is received
It may relating to transitional provision for stock in earlier act and rules.
Interest is is there even for Trans ITC
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