LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Easy Office

Rate of interest

Gaurav Sharma (155 Points)

28 August 2019

Whats is rate of interest on excess claim of ITC 24%p.a or 24%

Reply
Follow
Share

6 Replies

Krimisha Shah (42 Points)
Replied 28 August 2019

24% per annum

1 Like

Shivam RC (Student) (23683 Points)
Replied 29 August 2019

Refer sub section (3) of Section 50 of the CGST Act 2017.

The Provision of the Law is reproduced below :

"A taxable person who makes an undue or excess claim of input tax credit under sub-section [10] of Section 42, or undue or excess reduction in output tax liability under sub-section [10] of Section 43, shall pay interest on such undue or excess claim or on such undue or excess reduction, as the case may be, at such rate not exceeding TWENTY FOUR PER CENT, as may be notified by the Government on the recommendations of the Council."

Hence it is 24%.

2 Like

Gaurav Sharma (155 Points)
Replied 29 August 2019

But in notification 13/2017 central tax p.a is mentioned

1 Like

Uttam (employee) (814 Points)
Replied 02 September 2019

which is indicating 24% per annum. 2% per month.

1 Like

Gaurav Sharma (155 Points)
Replied 02 September 2019

2% per month is correct

2 Like

Priya Kashyap (Student) (7048 Points)
Replied 03 September 2019

When recipient has made an excess or undue claimof ITC as per section 42(10) of the Act, rate ofinterest applicable will be 24%.

Join CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Easy Office

Trending Online Classes

Live class on Bonus & Gratuity(with recording)

Mr.Balamurugan Ranganathan

Enroll Now

25 April 2024
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)

CA Arun Chhajer

Enroll Now

21 April 2024
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024

view all classess

CCI Pro

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings