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Interest rate for reversing ITC U/S 17(5)
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?
Replies (3)
Quick Summary
Interest to be calculated at 24% on ITC Reversal
It's 24% in case of ITC wrongly claimed
24% rate is only for sec 42(10) & 43(10) .
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