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ITC Reversal Of Common Credit, Goods and Services Tax - GST

Issue Id: - 115422
Dated: 13-9-2019
By:- Kaustubh Karandikar
ITC Reversal Of Common Credit

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In case of reversal of ITC under Rule 42 on common credit taken against exempt as well as taxable supplies,the rate of interest payable on delayed reversal of common credit will be 18% or 24%?

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Showing Replies 1 to 2 of 2 Records

1 Dated: 13-9-2019

18% as per Section 50(1) of CGST Act. (relevant section specified in Rule 42 of CGST Rules 2017)

2 Dated: 22-9-2019
By:- Ganeshan Kalyani

18% interest rate is applicable.


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