Intrest

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19 Points Posted on 25 November 2022
which intrest is applicable for wrong claim of ITC
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On 25 November 2022 at 20:19 Report
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Quick Summary
This discussion clarifies the interest rate applicable to wrongly claimed Input Tax Credit (ITC). Initially, the rate was 24% per annum, but it has since been reduced to 18%. Interest is only applied if the wrongly claimed ITC has been utilised. The change was enacted via the Finance Act 2022, which amended the relevant notification directly without a separate amendment notification.

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GST Consultant
15986 Points Posted on 25 November 2022
Interest only applicable if such ITC is utilised
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On 25 November 2022 at 21:31
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118 Points Posted on 26 November 2022
Https://play.google.com/store/apps/details?id=com.si.gstcalculator
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On 26 November 2022 at 07:39
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student
952 Points Posted on 26 November 2022
If you have claimed and utilised the ITC then interest will be applicable @ 24% p.a.
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On 26 November 2022 at 14:34
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19 Points Posted on 26 November 2022
Thankyou
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On 26 November 2022 at 15:45
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GST Consultant
15986 Points Posted on 26 November 2022

The rate of interest is 18%

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On 26 November 2022 at 15:48
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CA Finalist
172 Points Posted on 26 November 2022
Interest rate is 24 ℅
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On 26 November 2022 at 16:34
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GST Consultant
15986 Points Posted on 26 November 2022

It has been reduced to 18%

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On 26 November 2022 at 16:53
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19 Points Posted on 27 November 2022
Please give me notification no
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On 27 November 2022 at 16:56
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GST Consultant
15986 Points Posted on 27 November 2022

There is no amendment notification. It has been directly changed in the notification 

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On 27 November 2022 at 17:21
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student
952 Points Posted on 27 November 2022
Check Finance Bill, 2022 for the amendment in the notification.
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On 27 November 2022 at 17:30
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GST Consultant
15986 Points Posted on 27 November 2022

@ Mohit Lodhi

Very good Mohit.....the finance bill was later passed as Finance Act. The parliament took the powers to amend the notification via the act itself and therefore the original notification was itself amended without an amendment notification....

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On 27 November 2022 at 17:46
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199 Points Posted on 29 November 2022
After notice pay for 24% before notice ahead of pay for 18%
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On 29 November 2022 at 21:09

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