Menu
Interest Payable on ITC
Whether interest is payable on input credit availed or utilised?
Replies (6)
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.
Recent Threads
- Indemnity bond notarization for Income Tax (NRI ou
- GST - RCM - for Commercial Building Rent
- Exemption from Penalty for delayed Board meeting
- TDS ON PROFESSIONAL FEES IN NON AUDIT CASE
- Penalty are applicable on short payment of GST
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
- Apply for GST registration while working in MNC
Related Threads
CAclubindia
