Laspe Working Treatment in Gst Refund

Situation:- I am applying for gst refund( inverted duty structure)
Trading & Manufacturing in textile industry , in which we have to file lapse working for refund till july2018

My Question:- If any Refund pertaining for that period , i had to reverse it along with interest. At what rate of interest do i need to calculate interest?
Replies (3)
Quick Summary
This discussion clarifies the interest calculation for GST refunds related to lapse working, specifically for inverted duty structures in the textile industry up to July 2018. It confirms that if a refund pertains to this period, interest may be applicable. However, the consensus suggests that ITC does not need to be reversed and can be utilised later, and that interest is not applicable in this specific scenario.

18 percent

No need to reverse the ITC. You can utilise in future or may not utilise it at all

Interet is not applicable

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