Interest Rate 18% or 24%


Rajasekar (Senior Accountant)     07 December 2019

Rajasekar
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REVERSAL OF ITC INTEREST RATE 18% OR 24%

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RAJA P M ("Do the Right Thing...!!!")     07 December 2019

RAJA P M
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If Wrongly claimed then 24%

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Mukesh babu (No)     07 December 2019

Mukesh babu
No 
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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%

Sameer Khan   08 December 2019

Sameer Khan

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Reversal of ITC Interest Rate is 24% per annum

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Pankaj Rawat (GST Practitioner)     08 December 2019

Pankaj Rawat
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In term of Section 50(3) of CGST Act ,it's @ 24% is prescribed.

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Shivam RC (Student)     08 December 2019

Shivam RC
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Why are you reversing your ITC ???

Excess Claimed or Payment not made to Supplier within 180 days ???

Rate of Interest depends accordingly

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faruk khan (JALORE)     08 December 2019

faruk khan
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24% per annum will be charged

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Manish (CA)     09 December 2019

Manish
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18% if the payment was not done to the vendor within 180 days.

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Shivam RC (Student)     10 December 2019

Shivam RC
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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.


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