Hello,
What are the penal provisions and the interest rate for wrong avilment of input tax credit now rectified.
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Wrong availment of itc
Replies (6)
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
then there will be no penalty and prosecution
interest will be calculated from the date of availment till the date of payment
SUGESSTION :: REVERSE THE ITC ASAP IN THE NEXT MONTH RETURN
Thanks for the answer.
What is the interest rate that is charged?
Also, what are the penal provisions if the notice is served before payment?
if payment is made within 30 days of issue of notice then no penalty
provided availment is not because fraud or international
provided availment is not because fraud or international
okay. is the interest rate 24%?
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