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wrongly take credit
My client took wrongly ITC bt not utilised n he will reverse credit bt question is should he need to pay interest on it bz he didn't use it ????
Replies (3)
if it is not utilized means not set off with output tax which means by reversing the same no tax payable that means no interest will levy..
If the wrongly entetered ITC is not utilize then You can reverse the ITC without paying interest.
some people saying Under GST interest is payable if ITC is availed and nothing to do whether utilised or not.
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