If anyone claim excess itc and he wants to payment voluntarily before notice through drc 03 and he claim itc by mistakenly only so how much interest with principal amount he has to pay??
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ITC REVERSE TO GOVT
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Pls post actual figures.
Refer section 50 of the CGST Act 2017.
If excess ITC availed and utilized, interest @ 24% is payable as per Section 50(3).
Is the ITC only claimed and not utilised yet? Or is it claimed and utilised?
If utilised already, reversal has to be done with interest of 24% p.a.
If utilised already, reversal has to be done with interest of 24% p.a.
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