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 .
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.
Leave a Reply
Your are not logged in . Please login to post replies