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.
2 Replies
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13709 Points)
Replied 12 January 2024
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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