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wrong itc
I claimed blocked ITC on capital assets in month of April gstr3b ₹ 74000 cgst and sgst ₹74000, in this month I don't have any tax liability if I reverse this ITC so I should pay interest 24% on wrong ITC claim tax.
Replies (4)
The interest rate of wrong availment of credit is 24%, irrespective of whether there is tax liability.
I don't have tax liability so i no need to pay interest
You reverse the Ineligible ITC and pay interest @ 24%.
Agree with Ms. Padmasri Manyam & Mr. Vinod
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