Azhar Ansari (95 Points)
21 September 2023
Mukul Rizag Associates
(21 Points)
Replied 22 September 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14260 Points)
Replied 22 September 2023
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13577 Points)
Replied 22 September 2023
Interest is only applicable if wrongly availed ITC has been utilized also as per Rule 88B.
Mukul Rizag Associates
(21 Points)
Replied 22 September 2023
Suresh Kumar
(Account)
(403 Points)
Replied 24 September 2023
You have to reverse of CGST and SGST amount equivalent to utilized (CGST and SGST) and pay interest of 24% from the date on which your ICGST & SGST balance in credit ledger came down to utilized amount of (CGST and SGST).
Unfortunately, You are not eligible to avail that IGST ITC for the F.Y. 2017-18 because time barred as per subsection 4 of section 16 CGST Act
For more clarity please read rule sub section (3) of Rule 88B of CGST Rule, 2017
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