If anyone claim excess itc and he wants to payment voluntarily before notice through drc 03 and he claim itc by mistakenly only so how much interest with principal amount he has to pay??
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 12 November 2022
Refer section 50 of the CGST Act 2017.
Jamil Ahmed
(62 Points)
Replied 13 November 2022
If excess ITC availed and utilized, interest @ 24% is payable as per Section 50(3).
Laltha Zuala
(153 Points)
Replied 29 November 2022
Is the ITC only claimed and not utilised yet? Or is it claimed and utilised?
If utilised already, reversal has to be done with interest of 24% p.a.
If utilised already, reversal has to be done with interest of 24% p.a.
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