IF I HAVE CLAIMED WRONG CREDIT AND HAVE PARTLY UTILISED THE SAME
NOW AT TIME OF REVERSAL I NEED TO PAY INTEREST @ 24 PERCENT ON ENTIRE AMOUNT OR THE AMOUNT I HAVE UTILISED??
EG
WRONG CREDIT CLAIMED 24000/-
UTILISED 10,000/-
TAX ON ONLY 10,000 OR ENTIRE 24,000/-
Menu
Gst Interest Query
Replies (5)
You have to pay interest @ 24% on wrong credit claimed.
THANKS...
Welcome Kinisha. All my pleasure.
u/s 50(1) interest payable on extra ITC claimed is 18% and not 24% I think. please check up
It is 24%....
Recent Threads
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
- TCS under 206C(1F)
- Effect on Cost of Control when Bonus Issue is from
Related Threads
CAclubindia
