hi,
i have availed credit in Dec 2017(wrongly)..which was reversed in jan 18.
at that period i have sufficient Valid ITC(EXCLUDING WRONGLY TAKEN)..
and I have not used that wrongly taken ITC for paying my liabilities for jan 18.
so, my question is am i liable for interest for 1 month or not??
thanks in advance.
Santosh
interest is not payable in case ITC is only availed and not utilised for payment of tax.
other views are welcome
Interest is payable on GST availed as per GST Act. As per a recent press release that such credits will not be subjected to interest but since no amendment through notification or in act is done interest is payable on wrong ITC availed
CAclubindia
