Input availed but not utilised
Query (Issue) Started By: – Vinod Daga Dated:- 26-9-2018 Last Reply Date:- 26-10-2018 Goods and Services Tax – GST
Got 3 Replies
GST
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
\nif 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.
\nI 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.
\nSo Please clari<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Input availed but not utilised Query (Issue) Started By: – Vinod Daga Dated:- 26-9-2018 Last Reply Date:- 26-10-2018 Goods and Services Tax – GSTGot 3 RepliesGSTI 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 … Continue reading “Input availed but not utilised”<\/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-14056","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/14056","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=14056"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/14056\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n(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.
\n(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 m<\/p>\n
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