Notification

S.No. Notification No. Subject
1. Notification No. 13/2017-Central Tax,dt. 28-06-2017 Seeks to prescribe rate of interest under CGST Act, 2017.

Circular

S.No. Circular No. Subject
1. Circular No. 192/04/2023-GST dt.17.07.2023 Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.

Community Insights

Topic

Publish Date

IGST Credit Wrongly Availed-Interest Chargeable or not

As we know that the supplier of the goods or services charge the GST from the recipient except in case of RCM.  Now, the recipient has to take ITC of such tax which is charged by their suppliers. However, sometimes the recipient takes the ITC which is not available to him or some times the recipient takes excess ITC. In such situation when the recipient reverse such ITC which was wrongly availed by him, he is also liable to pay interest.................... Read More

 		11.10.2024

 

CASE LAW

Authority One liner
2024(03)LCX0017

Calcutta High Court

Ranjan Sarkar

 Assessee is not entitled to pay the interest u/s 50(3) on the ITC availed and reversed but the same has not been utilized.
2022(12)LCX0210

Calcutta High Court

LARSEN AND TOUBRO LIMITED

Assessee not liable to pay interest in case where he has wrongly claimed ITC but it had not been utilized.