how do i reverse and is there any interest...?
if any interest come then in which %...?
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Reversal of Blocked ITC availed and utilize
Replies (4)
Quick Summary
If you wrongly availed and utilise blocked input tax credit , then you have reverse the same in , Table 4( B)(2) of the GSTR3B . Interest applicable @ 24% as per section 50(3) of the CGST act .
Thank You sir....
I think interest is @ 18% , So please confirm . Interest is 18% or 24% with CBIC help desk or with others .
If ITC is claimed the same has to be reversed. Reversal can be done through GSTR-3B or DRC-03. If ITC has not been used then there is no interest. If ITC was utilised then interest @ 18% is chargeable.
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