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What is the Interest rate for ITC Reversals made under GST?

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What is the Interest rate for ITC Reversals made under GST?

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by gstdoctor.
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  • #982
    Milan Tiwari
    Participant

    What is the Interest rate for ITC Reversals made under GST?

    #987
    gstdoctor
    Keymaster

    After the recommendations of 45th GST Council Meeting, there has been some clarity about interest on ITC reversals.

    Interest on ITC reversals will now be calculated:

    • on ineligible ITC availed and utilized
    • at 18% rate of interest as per section 50(3) (to be amended retrospectively, w.e.f. 01.07.2017)

    For more information, read Interest on ITC Reversals under GST.

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