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Interest Payable on ITC

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1 Points Joined June 2019
Whether interest is payable on input credit availed or utilised?
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On 10 December 2021 at 19:09 Report
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30 Points Joined May 2021
Applicable on either irregular availement or irregular utilization...
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On 10 December 2021 at 23:59
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Employee Private
1913 Points Joined July 2017
No interest on reversal of ITC of irregular availment with out utilization. Only if utilized has to pay Interest.
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On 11 December 2021 at 11:41
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Employee Private
1913 Points Joined July 2017
No interest on reversal of ITC of irregular availment with out utilization. Only if utilized has to pay Interest.
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On 11 December 2021 at 11:41
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Company Secretary
7085 Points Joined March 2014
No Interest will be levied on irregular availment Or reversal of ITC.. If it is utilized I.e. ITC..One have to pay Interest.
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On 11 December 2021 at 16:02
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30 Points Joined May 2021
Read the rule..it's irregular availment or utilization
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On 11 December 2021 at 16:04
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Employee Private
1913 Points Joined July 2017
It has been clarified by the GST council in 45th Council meeting that Interest has to be paid on utilized Ineligible ITC not on availed Ineligible ITC.
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On 11 December 2021 at 17:04

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