13 September 2023
As per rule 42 of Cgst rules, reversal of ITC computed annually if exceeds than monthly reversal then the excess amount so calculated will be reversed with interest and the interest shall be calculated from 1st April of next FY. As per sec 50(3), interest to be calculated from the date when it is utilised. Thus in case of reversal of itc under rule 42, from which date ,interest is to be calculated?
CAclubindia
