ITC wrongly availed

Interest Rate on ITC wrongly availed & utilized under Section 50(3) of CGST Act has been reduced from 24% to 18%. Please notification.
Replies (2)
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%.

18% interest if ITC reversed sue-moto
24% interest if demand raised by GST Deptt
Thank you.

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