Hello,
What are the penal provisions and the interest rate for wrong avilment of input tax credit now rectified.
6 Replies
Srinivas Pyata
(543 Points)
Replied 13 March 2018
If you pay the amount(with interest) which was wrongly availed before issue of notice
then there will be no penalty and prosecution
interest will be calculated from the date of availment till the date of payment
then there will be no penalty and prosecution
interest will be calculated from the date of availment till the date of payment
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 13 March 2018
SUGESSTION :: REVERSE THE ITC ASAP IN THE NEXT MONTH RETURN
bhaskar
(Consultant)
(87 Points)
Replied 13 March 2018
Thanks for the answer.
What is the interest rate that is charged?
bhaskar
(Consultant)
(87 Points)
Replied 13 March 2018
Also, what are the penal provisions if the notice is served before payment?
Srinivas Pyata
(543 Points)
Replied 13 March 2018
if payment is made within 30 days of issue of notice then no penalty
provided availment is not because fraud or international
provided availment is not because fraud or international
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