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.
\nThanks
\nReply By YAGAY and SUN:
\nThe Reply:
\nIf 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.
\nReply By Ankit TMI:
\nThe Reply:
\nThanks you sir for your response. Can you please help me out with exact provision which levy interest in such a<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" ITC wrongly availed Query (Issue) Started By: – Ankit TMI Dated:- 5-6-2018 Last Reply Date:- 8-6-2018 Goods and Services Tax – GSTGot 8 RepliesGSTWhat 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 … Continue reading “ITC wrongly availed”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12037","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12037"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12037\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n