ITC Reversal Of Common Credit

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....TC Reversal Of Common Credit<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 13-9-2019 Last Reply Date:- 22-9-2019 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>In case of revers....

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....al 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%? Reply By CSSANJAY MALHO....

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....TRA: The Reply: 18% as per Section 50(1) of CGST Act. (relevant section specified in Rule 42 of CGST Rules 2017) Reply By Ganeshan Kalyani: The Reply: 18% interest rate is applicable.<br> Discussio....

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