wrongly take credit

29 June 2018

My client took wrongly ITC bt not utilised n he will reverse credit bt question is should he need to pay interest on it bz he didn't use it ????

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3 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 29 June 2018

if it is not utilized means not set off with output tax which means by reversing the same no tax payable that means no interest will levy..

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 30 June 2018

If the wrongly entetered ITC is not utilize then You can reverse the ITC without paying interest.

Cma Mahesh Nakate (96 Points)
Replied 30 June 2018

some people saying Under GST interest is payable if ITC is availed and nothing to do whether utilised or not.

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