Whether we have to pay GST Interest
This query is : Resolved
03 February 2022
we have always excess GST Input after adjusting output , But inadvertently some disallowed input claim later when found that it is disallowed as per GST now revert it. Now my Question is that whether we have to pay Interest on Wrongly Claimed Input.
03 February 2022
If this wrong ITC was not utilised then no interest is payable.
03 February 2022
Interest is payable only if input tax credit is availed and utilized wrongly. This budget proposes retrospective amendment to this effect.
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