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

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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?
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On 02 July 2020 at 21:14 Report
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Audit Assistant
37 Points Posted on 02 July 2020
Interest to be calculated at 24% on ITC Reversal
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On 02 July 2020 at 22:26
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GST Practitioner
55067 Points Posted on 03 July 2020
It's 24% in case of ITC wrongly claimed
301 Reply
On 03 July 2020 at 00:00
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31 Points Posted on 04 July 2020
24% rate is only for sec 42(10) & 43(10) .
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On 04 July 2020 at 08:01


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