ITC wrongly availed

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189 Points Posted on 04 February 2025
Interest Rate on ITC wrongly availed & utilized under Section 50(3) of CGST Act has been reduced from 24% to 18%. Please notification.
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On 04 February 2025 at 09:16 Report
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Quick Summary
The interest rate applicable to Input Tax Credit (ITC) wrongly availed and utilised under Section 50(3) of the CGST Act has been reduced from 24% to 18%. This new 18% rate applies when ITC is reversed voluntarily. However, if the GST department raises a demand, the interest rate remains at 24%.

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MANAGER- ACCOUNTS
34 Points Posted on 04 February 2025
18% interest if ITC reversed sue-moto
24% interest if demand raised by GST Deptt
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On 04 February 2025 at 19:08
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189 Points Posted on 05 February 2025
Thank you.
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On 05 February 2025 at 18:18

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