ineligible ITC utilised

smitha rajesh (internal audit staff) (53 Points)

19 June 2019

what to do if ineligible ITC utilised and how much interest to be paid and for what amount (full ITC or utilised ITC)

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4 Replies

A B Kundu (Professional) (1427 Points)
Replied 19 June 2019

The availed ineligible ITC needs to be reversed with interest @ 24% p.a. from the utilisation date.

smitha rajesh (internal audit staff) (53 Points)
Replied 19 June 2019

for which amount sir. utilised amount or whole amount including unutilized

A B Kundu (Professional) (1427 Points)
Replied 19 June 2019

Utilised amount

smitha rajesh (internal audit staff) (53 Points)
Replied 21 June 2019

sir
if Inelgible IGST input utilised to pay CGST wrongly, then interst is to be paid under IGST or CGST. please clarify

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