Interest rate for reversing ITC U/S 17(5)

323 views
User Avatar

31 Points Posted on 02 July 2020
ITC taken for blocked credit which was reversed @ 24% interest as per section 50 of the SGST/CGST Act,2017. My doubt it is 18% .please clarify whether it is 18% or 24% ,if 18% which section?
1 Reply Share Follow
On 02 July 2020 at 21:14 Report
Replies (3)
Quick Summary
This discussion clarifies the correct interest rate for reversing Input Tax Credit (ITC) under Section 17(5) of the CGST/SGST Act. While some believe it's 18%, the prevailing rate for wrongly claimed ITC is 24%, as stipulated by Section 50. The 24% rate specifically applies to situations covered by Section 42(10) and 43(10).

User Avatar

Audit Assistant
37 Points Posted on 02 July 2020
Interest to be calculated at 24% on ITC Reversal
Reply
On 02 July 2020 at 22:26
User Avatar

GST Practitioner
55067 Points Posted on 03 July 2020
It's 24% in case of ITC wrongly claimed
Reply
On 03 July 2020 at 00:00
User Avatar

31 Points Posted on 04 July 2020
24% rate is only for sec 42(10) & 43(10) .
Reply
On 04 July 2020 at 08:01

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Foreign remittance
  2. Affordable Residential Flats in Gurgaon
  3. Manufacturing
  4. TAN REGISTRATION ON E-FILLING SITE
  5. Form 10-IEA – Continuing Old Regime
  6. Income tax act 2026
  7. Belated Return where Form 10IEA filed this year to
  8. GST Reconciliation Tool (2A vs Books) - looking fo
  9. TDS ON PF FORM 19 WITHDRAWAL
  10. Can a virtual office in Mumbai be used for company

More recent discussions | Post

Related Topics :

Loading