ITC wrongly availed
Query (Issue) Started By: – Ankit TMI Dated:- 5-6-2018 Last Reply Date:- 8-6-2018 Goods and Services Tax – GST
Got 8 Replies
GST
What are the interest and penal liability in case a supplier has wrongly availed CGST / SGST credit against IGST. However, the same has been reversed before utilisation. Kindly quote specific section that affects the said scenario.
Thanks
Reply By YAGAY and SUN:
The Reply:
If interest @24% is paid along with reversal of ITC which was wrongly availed before issuance of SCN then there would be no penal actions initiated by the Department.
Reply By Ankit TMI:
The Reply:
Thanks you sir for your response. Can you please help me out with exact provision which levy interest in such a
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