Rate of interest on GST excess claimed
This query is : Resolved
30 May 2022
what to pay interest on GST excess claimed and what would be rate of interest .
GST excess claimed but not adjusted with output liability and excess GST input reverse in Next Month
Or
GST excess claimed and adjusted with output liability and reverse in next month.
GST excess claimed but not adjusted with output liability and excess GST input reverse in Next Month
Or
GST excess claimed and adjusted with output liability and reverse in next month.
30 May 2022
No interest payable in first case.
Interest payable in case of second case.
Interest payable in case of second case.
30 May 2022
If excess ITC claimed by you and same is not utilised to pay off output tax liability then no interest leviable.
If such excess ITC utilised to pay tax then interest @24% is required to pay on excess ITC from date of ITC claim to date of reversal
Message likes :
2 times
02 June 2022
Interest only in second case and the interest rate is 18% and not 24%
02 June 2022
In case you claim excess ITC then you have to pay 24% interest
02 June 2022
It's now 18% instead of 24%
02 June 2022
Please provide notification
02 June 2022
Same notification as before
02 June 2022
Change made directly
02 June 2022
Read Section 42, it is still 24%
02 June 2022
Read this article also:
https://taxguru.in/goods-and-service-tax/interest-section-50-cgst-act-2017.html
https://taxguru.in/goods-and-service-tax/interest-section-50-cgst-act-2017.html
02 June 2022
The notification has been amended. And this time it has been amended in an unusual way. So not many people know.
02 June 2022
24% interest payable on wrongly availed ITC no amendment made.
02 June 2022
It has been amended. You just don't know. It's a shame that people who claim to be experts don't read the law thoroughly nor keep themselves updated. They depend on others to update them rather studying themselves.
02 June 2022
The much-awaited Budget 2022 which has introduced the Finance Bill, 2022 ("the Bill") comes bearing good news to taxpayers who were dreading the possibility of recovery of 24% interest on wrongful credit availment. The Bill seeks to retrospectively substitute Section 50(3) of the Central Goods and Services Tax Act, 2017 ("CGST Act") to provide for levy of interest only in cases where input tax credit has been wrongly availed and utilised.1 It also seeks to retrospectively reduce the interest rate from 24% to 18%.2 To put it simply, once the proposed amendment to Section 50(3) comes into force, GST law envisages a levy of interest on wrongful availment of Input Tax Credit ("ITC") only when the same is utilized.
02 June 2022
Yes now you know........
02 June 2022
After me posting 5 times on this thread you finally know it has been amended.
02 June 2022
Its shame for you that you are replying bad thing for experts like Seetharam Sir who are pretty much aware about law and for your king information he was the top expert on this platform.
Secondly work on your reading, as it is clear from above that the ammendment is proposed but till date no notification has been issued in this regards. So next time before speaking and writing anything, check your knowledge. And every one is human being and may be something may be skipped , i just asked about notification because may be you are correct and we were unaware about update. People like you just knowing one thing behaves like you was the best in this world. So please share your knowledge dont your bad thinking'
Secondly work on your reading, as it is clear from above that the ammendment is proposed but till date no notification has been issued in this regards. So next time before speaking and writing anything, check your knowledge. And every one is human being and may be something may be skipped , i just asked about notification because may be you are correct and we were unaware about update. People like you just knowing one thing behaves like you was the best in this world. So please share your knowledge dont your bad thinking'
02 June 2022
The proposed bill is already an act for your information. The finance Act 2022 got passed some time ago. I have not said bad about anyone. Being top expert on the face of it doesn't matter much if you don't study the topic on which you are commenting. It's more shameful that inspite of being a high ranking professionals you both still contradicted without checking properly the amendment.
And no need to get defensive. Just admit the fact that you didn't kept up to date (and not for the first time). What's more that you kept on repeating the wrong answer without checking properly.
I am not the best, in fact very far from being one. If you see all my posts were very simple and straightforward but in the end I was disappointed so I had to say that.
And no need to get defensive. Just admit the fact that you didn't kept up to date (and not for the first time). What's more that you kept on repeating the wrong answer without checking properly.
I am not the best, in fact very far from being one. If you see all my posts were very simple and straightforward but in the end I was disappointed so I had to say that.
03 June 2022
Until notification get published, no provision shall be aplicable. Date from which reduced interest will be applicable is shown only in notification. So if you have some notification then share it otherwise understand the law .
03 June 2022
That is what I am saying. You people have still not read it. CA R Seetharaman has only shared a news headlines.
I cannot help if you people can't study and read. You are a Chartered Accountant atleast honour your degree. You practice in taxation and you didn't knew that Finance Act got passed. Finance Act relates to all taxation laws.
Coming to the amendment - There is no amendment notification yet the rates have been amended. I know this sentence will go over your head.
FYI my understanding of the law is quite good. You won't admit but you know.
I cannot help if you people can't study and read. You are a Chartered Accountant atleast honour your degree. You practice in taxation and you didn't knew that Finance Act got passed. Finance Act relates to all taxation laws.
Coming to the amendment - There is no amendment notification yet the rates have been amended. I know this sentence will go over your head.
FYI my understanding of the law is quite good. You won't admit but you know.
03 June 2022
Coming to the amendment - There is no amendment notification yet the rates have been amended. I know this sentence will go over your head.
This shows your knowledge and your manners.
So its better you shut your mouth and querist and other persons will self decide that whose knowledge is useful for them.
This shows your knowledge and your manners.
So its better you shut your mouth and querist and other persons will self decide that whose knowledge is useful for them.
03 June 2022
There is nothing wrong with my manners. I knew you wouldn't understand the sentence and your above post prove it. But it is true. This is an unusual way of amendment. No amendment notification has been passed but it has still been amended.
It's 18%
One day you will know.
It's 18%
One day you will know.
03 June 2022
Thank you C A Rashmi Gandhi.
It's only sharing of knowledge no need to hurt anyone. Let's help each other as we are of same fraternity.
It's only sharing of knowledge no need to hurt anyone. Let's help each other as we are of same fraternity.
03 June 2022
Yes the purpose is sharing of correct well researched knowledge.
03 June 2022
Since this thread might cause confusion to querist I will clarify that the interest rate for ITC is amended to 18%
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