08 August 2020
sir, please clear the confusion that interest rate applicable on reversal of wrong claim of itc in gst WITH OR WITHOUT INTENTION OF FRAUD.(By Drc-03) is it 24% or 18%
09 August 2020
The interest applicable for wrong availment of ITC is 18% irrespective of fraud or no fraud. Interest of 24% will be applicable only if you have availed ITC and it is to be reversed due for the invoices that are not reported by your supplier on GST portal and tax not paid by him. The wrong availment for any other reason will attract interest of 18% p.a.
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