TMI BlogManner of calculating interest on delayed payment of taxX X X X Extracts X X X X X X X X Extracts X X X X ..... e in accordance with provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, the interest on tax payable in respect of such supplies shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger, for the period of delay in filing the said return beyond the du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sal of such credit or payment of tax in respect of such amount, at such rate as may be notified under said sub-section (3) of section 50. Explanation . -For the purposes of this sub-rule, - (1) input tax credit wrongly availed shall be construed to have been utilised, when the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed, and the extent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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