TMI BlogITC wrongly availedX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 scenario. Is your reply is in context of mismatch under Section 42 and Interest under section 50. - Reply By YAGAY and SUN - The Reply = Our reply is in context with Section 50 of the CGST Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. - Reply By Mahadev R - The Reply = Interest can be paid at 18% instead of 24%. Section 50(3) which states about excess or wrong claim of credit is applicable when 42(10 or Section 43(10) triggers. Presently there is no matching concept. So pay 18%. If there is subsequent demand, then we could pay differential 6% or litigate. there is no interest for delayed payment of interest - Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly By YAGAY and SUN - The Reply = We endorse the view of Mr. Mahavir. - Reply By Ankit TMI - The Reply = Thanks for your time and valuable opinion. I analysed the provision thoroughly. However, i am unable to find an iinterpretation werein itc wronlgy availed but not utilised is subjected to levy of interest. It merely covers three scenario: first, tax payable has been paid belatedly, second, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mismatch u/s 42 , third, mismatch u/s 43 . Thus i dont feel that interets in the present scenario could be levied - Reply By YAGAY and SUN - The Reply = If you avail reverse ITC then you would have to mention it in return and hence, Interest would be payable, accordingly. - Reply By KASTURI SETHI - The Reply = Peruse Section 42(10) , Section 43 (10) , Section 50(3) along with Notifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation No.13/17-CT, dated 28.6.17 and 9/17 -CT dated 28.6.17 effective from 1.7.17. - ITC wrongly availed - Query Started By: - Ankit TMI Dated:- 5-6-2018 Goods and Services Tax - GST - Got 8 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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