first month we take credit of our another branch wrongly.
then we reversed this in next month
then this wrong Claimed ITC paid with interest or interest waive off.
please confirm
and if interest on ITC take then how much rate of interest
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interest on wrong ITC Taken
Replies (2)
Yes... Interest applicable only Excess ITC claimed/Taken...
Interest rate @ 24%p.a
Interest rate @ 24%p.a
As per section 50 of CGST Act , its @ 24%
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