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Interest Rate 18% or 24%
REVERSAL OF ITC INTEREST RATE 18% OR 24%
Replies (8)
If Wrongly claimed then 24%
If reversal is due to excess claim of ITC or lesser amount of output amount shown in any of the previous period. then interest would be charges @ 24%
Reversal of ITC Interest Rate is 24% per annum
In term of Section 50(3) of CGST Act ,it's @ 24% is prescribed.
Why are you reversing your ITC ???
Excess Claimed or Payment not made to Supplier within 180 days ???
Rate of Interest depends accordingly
Excess Claimed or Payment not made to Supplier within 180 days ???
Rate of Interest depends accordingly
24% per annum will be charged
18% if the payment was not done to the vendor within 180 days.
Interest Rate @ 18% is payable along with the ITC claimed if payment not made to Supplier within 180 days from the date of Invoice.
If it is a case of EXCESS CLAIM or REDUCTION IN OUTPUT TAX, then Interest @ 24% is levied.
If it is a case of EXCESS CLAIM or REDUCTION IN OUTPUT TAX, then Interest @ 24% is levied.
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