Interest on wrong itc claimed

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Service
227 Points Joined October 2017
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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On 30 March 2022 at 13:55 Report
Replies (6)
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CFO- at NHTF
58280 Points Joined August 2012
Maximum interest is 18% ..

Since it is self realisation and not on demand .The interest can be retained
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On 30 March 2022 at 14:41
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GST Consultant
15986 Points Joined March 2013

If the ITC was utilised then interest rate is 18% otherwise if not utilised then there is no interest

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On 31 March 2022 at 08:35
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915 Points Joined July 2017
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.
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On 31 March 2022 at 08:36
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CFO- at NHTF
58280 Points Joined August 2012
Pay 18% per annum on the amount of excess ITC if the notice is received
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On 31 March 2022 at 08:44
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915 Points Joined July 2017
It may relating to transitional provision for stock in earlier act and rules.
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On 31 March 2022 at 10:48
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CFO- at NHTF
58280 Points Joined August 2012
Interest is is there even for Trans ITC
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On 31 March 2022 at 11:56


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