WRONG GST CREDIT

Reversal of input will be done by levying interet @ 24% from the date of taking input to the date of reversal

Reverse the All ITC taken for such party from FY 2017-18 to 19-20 with interest 18% as per provision as under

Interest u/s 50 (3) are to be charged @ 24% p.a. only in case of reclaim of credit reversed earlier. Only cases covered u/s 42 (10) and 43 (10) are covered in section 50 (3).[Means phele reverse kr diya phir wapis se claim kr liya]

2. In other cases interest will be paid @ 18% p.a. u/s 50 (1).

I think Interest @ 24% p.a. will be levied on reversal of ITC for the period 17-18 to 19-20. Definitely you must have utilised the ITC to offset your Output Tax liability.

Originally posted by : Avishek Mukherjee
	Sir,If I have taken gst credit against any party from 17-18 to 19-20 during checking 2A found that GST no was cancelled.what is the procedure for gst retun and interet, penalty rate.Please suggest the interest, penalty calculation procedures.Thanks in advance

Reverse ITC with Interest @ 24%

Sir,
How to calculate. If I take credit 3000.00 in 17-18 and 2000.00 in 18-19. I want to reverse in July-2020. Then how to calculate and what is the interest amount.
Please suggest
Thanks in advance