Dear Team..
we import some of the materials and payment also done .GST ITC also taken on BOE .
But ITC not utilised.
now that materials was rejected ..materials also re exported..
in this case can reverse the ITC .any interest is applicable or not ..
Interest must not be applicable if not used. Although the wordings of the GST law presently is unclear, and the amendment to Section 50 (yet to be notified), it specifically in relation to GST on delayed filing of returns. Although, the concept from the same could be utilised and challenged in court.
CAclubindia
