Goods and Services Tax – Started By: – Vinod Daga – Dated:- 26-9-2018 Last Replied Date:- 26-10-2018 – I have availed IGST Input Credit of ₹ 500000 in August 2017 . out of this I have used IGST credit of ₹ 200000. Now in January 18 I came to know that ₹ 300000 credit was wrongly availed. Now my question is if I am reversing IGST Credit by my self than I have to pay Interest or not . Please quote the Section or rules in your answer. I have read section 73,74, section 42, 43 in which they say that interest is payable on wrongly availed input but all these section define regarding time when offence in come notice of department/System. So Please clarify whether in GST Interest is payable just of Input taken or its payable on
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nterest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council. (2) The interest under sub-section (1) shall be calculated, in such manner as may be prescribed, from the day succeeding the day on which such tax was due to be paid. (3) A taxable person who makes an undue or excess claim of input tax credit under sub-section (10) of section 42 or undue or excess reduction in output tax liability under sub-section (10) of section 43, shall pay interest on such undue or excess claim or on such undue or excess reduction, as the case may be, at such rate not exceeding twenty-four per cent., as may be notified by the Government on the recommendations of the Council. Regards Nitika
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