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ITC not reversed as per Rue 42 and also not utilised that portion of credit. - Goods and Services Tax - GSTExtract Good Moring All, Issue: ITC not reversed as per Rue 42 and also not utilised that portion of credit. Opinion required: Whether interest under section 50(1) or 50(3) is applicable ? Extract of rule 42 , where through the above question arises [ Except in case of supply of services covered by clause (b) of paragraph 5 of the Schedule II of the Act , the input tax credit ] determined under sub-rule (1) shall be calculated finally for the financial year before the due date for furnishing of the return for the month of September following the end of the financial year to which such credit relates, in the manner specified in the said sub-rule and- (a) where the aggregate of the amounts calculated finally in respect of D 1 and D 2 exceeds the aggregate of the amounts determined under sub-rule (1) in respect of D 1 and D 2 , such excess shall be 10 [ reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03 ] in the month not later than the month of September following the end of the financial year to which such credit relates and the said person shall be liable to pay int e rest on the said excess amount at the rate specified in sub-section (1) of section 50 for the period starting from the first day of April of the succeeding financial year till the date of payment; or Thanks in advance.
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