Wrong availment of itc

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Consultant
87 Points Posted on 13 March 2018

Hello,

What are the penal provisions and the interest rate for wrong avilment of input tax credit now rectified.

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On 13 March 2018 at 11:46 Report
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543 Points Posted on 13 March 2018
If you pay the amount(with interest) which was wrongly availed before issue of notice
then there will be no penalty and prosecution
interest will be calculated from the date of availment till the date of payment
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On 13 March 2018 at 11:55
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Chartered Accountant
12739 Points Posted on 13 March 2018

SUGESSTION :: REVERSE THE ITC ASAP IN THE NEXT MONTH RETURN 

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On 13 March 2018 at 11:59
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Consultant
87 Points Posted on 13 March 2018

Thanks for the answer.

What is the interest rate that is charged?

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On 13 March 2018 at 12:02
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Consultant
87 Points Posted on 13 March 2018

Also, what are the penal provisions if the notice is served before payment?

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On 13 March 2018 at 12:03
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543 Points Posted on 13 March 2018
if payment is made within 30 days of issue of notice then no penalty

provided availment is not because fraud or international
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On 13 March 2018 at 12:05
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Consultant
87 Points Posted on 13 March 2018

okay. is the interest rate 24%?

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On 13 March 2018 at 12:15

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