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TMI Blog2024 (10) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... a Omle. For the Respondent no. 2-State : Ms. Nazia Sheikh. P.C. :- 1. Rule. Rule is made returnable immediately at the request and with the consent of the learned counsel for the parties. 2. The petitioner challenges the order dated 18 August 2021 made by the Joint Commissioner (Appeals) declining refunds to the petitioner. 3. Appeal lies against this order before the GST Tribunal. However ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... input wrongly availed and utilised, at such rate not exceeding twenty-four percent as may be notified by the Government on the recommendation of the Council, and the interest shall be calculated, in such manner as may be prescribed. 13. I say that further Rule 88 of the CGST Rules (inserted vide notification no. 14/2022-CT dated 05.07.2022 but w.e.f 01.07.2017) stipulates when the interest bec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put 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 of such utilisation of input tax credit shall be the amount by which the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed. 14. I say that on combined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... then Petitioner filed for reversal of the excess credit only in July, 2018 due to which revenue suffers loss. The petitioner had withheld the notional ITC amount in excess for a period of 11 months. Hence the department levied interest only for wrongfully withholding the notional amount. 15. I say that it is pertinent to note that these provisions have been amended subsequent to the issuance of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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