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Pankaj Rawat (GST Practitioner) 26 January 2020
To determine the period for computation of interest amount , Rule 37(3) of the CGST Rule states that interest is applicable & the rate notified u/s 50(1) is 18% for the period starting from date of credit availed till the Credit reversed in GSTR 3B under table 4(B)(2).
As per the 3rd proviso to section 16(2) the Recepeint can re-avail the credit on making payment for the same .
Note : Interest cannot be reclaimed.
Notification 13/2017 CT notify the rate of interest 18% u/s 50(1) of CGST Act