Input is claimed erroneously and not utilised during the same financial year.
Now I am reversing it after I get notice violation of 16(4).
I will have to pay interest on the same amount? if no, please suggest me circular no, notification no or press release.
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Interest may levy or not
Replies (2)
Was the input utilised in any subsequent years?
If input is not utilized (your e credit ledger does not fall below the amount of wrongly claimed and availed ITC) then you need not pay any interest in view of section 50(3) read with rule 88B.
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