Gst reversal 18or 24
veerendranath (urgent query) (42 Points)
22 July 2024
what is the rate of interest for GST reversal 18% or 24%
veerendranath (urgent query) (42 Points)
22 July 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(1885 Points)
Replied 22 July 2024
Generally if ITC is wrongly availed and utilized, and it needs to be reversed, the interest rate applicable is 18% per annum. where in the case of fraudulently or by suppressing facts than 24% interest apply.
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