Interest rate on itc reversal

1. 18%

2. Others

3. By taking 365 days in a year

Sir,

Are you sure that interest rate 18% is on creditors also because someone tells me it should be 24% on creditors.

Regards

Eshu Kumar

The rate of Interest is 18%, however, the proposed amendments issued by the Govt. to GST law removed the interest element on the non-payment to the vendor within 180 days. But the proposed amendment will be issued in the next GST council meeting i.e. 21/07/2018 and we need to see whether the same is implemented or not 

sir, i have  putted a double time itc of Rs.7125 in both the month of aug and september how can i reverse it? whether i need to pay interest on reversing please help.