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Interest rate on itc reversal

Eshu (Accountant)     20 July 2018

 29 points

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Dear All,

1. I want to know that what is the interest rate on ITC recersal on non-payment to creditors with in 180 days. 18% or 24% p.a.

2. In GSTR-3B where i can put ITC revrsal amt. of creditors in B-1 Rule 42 & 43 column or  B-2 Others

3. If interest rate is 18% then how i can calculate interest  1.5% per month or 18% or 18% in 365 days.

Thanks in Advance


Eshu Kumar



Aditi Kaur (Practising CA)    1 September 2020

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Himanshu Arora (Student)     20 July 2018

Himanshu Arora
 3 likes  75 points

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1. 18%

2. Others

3. By taking 365 days in a year


Eshu (Accountant)     20 July 2018

 29 points

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


Eshu Kumar

Akhil Rajeev Reddy (Article Assistant)     20 July 2018

Akhil Rajeev Reddy
Article Assistant 
 3 likes  121 points

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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 


rahul firemike   22 November 2018

rahul firemike

 1 likes  35 points

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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.


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