Penalty on ineligible utilization itc

30 October 2019

penalty on ineligible utilization itc

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 30 October 2019

24% interest applicable as excess claimed ITC.

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 30 October 2019

Yes as per Section 50 of CGST act , it's 24% interest is applicable.

note : No penalty

1 Like

subhagan sreerangam (7059 Points)
Replied 30 October 2019

Utilisation of ineligible ITC pay 24% interest as per Section 50 of CGST Act.

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MOHIT JOSHI (229 Points)
Replied 01 November 2019

Please refer section 73/74/122 also

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Allauddin patel (Accountant ) (111 Points)
Replied 30 November 2019

Tell me the list of items ineligible in gst ???

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