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Interest Payable on ITC
Whether interest is payable on input credit availed or utilised?
Replies (6)
Quick Summary
Applicable on either irregular availement or irregular utilization...
No interest on reversal of ITC of irregular availment with out utilization. Only if utilized has to pay Interest.
No interest on reversal of ITC of irregular availment with out utilization. Only if utilized has to pay Interest.
No Interest will be levied on irregular availment Or reversal of ITC.. If it is utilized I.e. ITC..One have to pay Interest.
Read the rule..it's irregular availment or utilization
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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