In October 2019 I mistakenly took ITC of 1.60 lakh of IGST and used in total rs.12000 for the liability of CGST and SGST in October and November, in December I reversed 1.60 lakh, out of which i had remaining credit of 1.48 lakh IGST and remaining 12000 with cgst credit...
will there be any interest liability on me?
1 Replies
Sanjay Rana
(56 Points)
Replied 15 August 2020
Yes, there will be interest from the date of irregular availment of ITC till date of its reversal. Section 73.
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