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ITC Reversal Of Common Credit, Goods and Services Tax - GST |
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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%? Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
18% as per Section 50(1) of CGST Act. (relevant section specified in Rule 42 of CGST Rules 2017)
18% interest rate is applicable. Page: 1 Old Query - New Comments are closed. |
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