Akash Thakur (Lawyer) (75 Points)
28 June 2019
Lalit Pandey
(Indian Business Researcher)
(313 Points)
Replied 28 June 2019
Jigneshkumar Patel
(GST Advisor)
(161 Points)
Replied 28 June 2019
Interest can be levied based on the nature of transaction. if the excess credit is due to non payment of Value of supply along with tax then the same will attract interest rate of 18% under section 50(1)
However if the same credit is undue or excess claim of input tax credit under section 42(10) or 43(10) then 24% interest rate will be applicable under section 50(3).
CAclubindia
