Interest on wrongly availed input tax credit may be levied, with rate notified by government and manner of calculation prescribed.

Substituted sub-section (3) of section 50 imposes interest where input tax credit has been wrongly availed and utilised, at a rate not exceeding twenty-four per cent. to be notified by the Government on the Council's recommendation, and directs that the interest be calculated in the manner prescribed; the substitution is deemed effective from 1 July 2017.

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