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ITC Reversal on non payment
in case of ITC reversal along with interest for non payment within 180 days, if payment is made thereafter itc is allowed. whether interest paid is also allowed or not?
Replies (2)
interest paid for late payment of tax will not be allowed
You will be eligible to claim back the Input Tax Credit ( ITC ) once payment is done but not the interest.
The interest part becomes your COST.
The interest part becomes your COST.
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