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TMI BlogInterest rateX X X X Extracts X X X X X X X X Extracts X X X X ..... Interest rate X X X X Extracts X X X X X X X X Extracts X X X X ..... f tax and delayed refunds In exercise of the powers conferred by sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby fixes the rate of interest per annum, for the purposes of the sections as specified in column (2) of the Table below ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as mentioned in the corresponding entry in column (3) of the said Table. TABLE Serial Number Section Rate of interest(in per cent) (1) (2) (3) 1. Sub-section (1) of section 50 18 2. sub-section (3) of section 50 24 3. sub-section (12) of section 54 6 4. section 56 6 5. proviso to section 56 9 2. This notification shall come into force from the 1st day of July, 2017. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [Notification No. 13/2017-C.T., dated 28-6-2017] Also read Notification No.16/2021-CT dated 1.6.2021 and Notification no.9/22-CT dated 5.7.22 Reply By Sudhir Kumar: The Reply: Under section 111 of the Finance Act 2022, it has not been cleared that the interest rate has been reduced to 18% from 24% under section 50(3) of the CGST Act 2017. Any notification regarding reducing the rate of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of wrongly availed and utilized ITC has come into effect. Reply By KASTURI SETHI: The Reply: Notification No. 13/17-CT dated 28.6.17 was amended by 31/2020-C.T. dated 03-04-2020, Amended by 51/2020-C.T. dated 24-06-2020, Amended by 8/2021-C.T. dated 01-05-2021, Amended by 18/2021-C.T. dated 01-06-2021. Rate of reduction of interest was for specified period only. The period has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned in the above notifications. Under Section 50(3) of CGST Act, interest rate is 24%. Reply By KASTURI SETHI: The Reply: W.r.f. to my reply above, this is the latest position. Reply By Amit Agrawal: The Reply: Rate of interest u/s 50(3) is 18% p.a. constantly since 01.07.2017 onwards, as per latest position. These are ex facie views of mine and the same should not be construed as pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional advice/suggestion. Reply By KASTURI SETHI: The Reply: Dear querist, Rate of interest has been reduced to 18% from 24% retrospectively vide Section 116 of Finance Act, 2022 read with (Sixth Schedule) w.e.f. 01-07-2017. ( Before it was read as, "24"). SCH-06 - THE SIXTH SCHEDULE - Finance Act, 2022 Finance Act, 2022 Schedules Sch SCHEDULES * Contents THE SIXTH SCHEDU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LE [See section 116(1) ] Notification number and date Amendment Date of effect of amendment (1) (2) (3) G.S.R 661 (E), dated the 28th June, 2017 [No.349/72/2017-GST, dated 28th June, 2017] In the said notification, in the Table, against serial number 2, in column (3), for the figures "24", the figures "18" shall be substituted. 1st July, 2017. Reply By Padmanathan Kollengode: The Reply: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear queriest, It is 18% vide FA, 2022 section 116 rw. schedule thereof. Reply By Shilpi Jain: The Reply: Though in many cases in the past the department has been raising demands with 24% interest. Right from the beginning 24% interest is not applicable for wrong utilisation of credit. It is only 18%. Reply By KALLESHAMURTHY MURTHY: The Reply: Rate of interest has been reduced to 18% from 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % retrospectively vide Section 116 of Finance Act, 2022 read with (Sixth Schedule) w.e.f. 01-07-2017. ( Before it was read as, "24"). SCH-06 - THE SIXTH SCHEDULE - Finance Act, 2022 Finance Act, 2022 Schedules Sch SCHEDULES * Contents THE SIXTH SCHEDULE [See section 116(1) ] Notification number and date Amendment Date of effect of amendment (1) (2) (3) G.S.R 661 (E), dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 28th June, 2017 [No.349/72/2017-GST, dated 28th June, 2017]
In the said notification, in the Table, against serial number 2, in column (3), for the figures "24", the figures "18" shall be substituted.
1st July, 2017. X X X X Extracts X X X X X X X X Extracts X X X X
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