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of <h1>Finance Bill 2022 amends GST Act Section 50(3); interest on wrongful input tax credit is mandated retroactively.</h1> Clause 110 of the Finance Bill, 2022, amends section 50 of the Central Goods and Services Tax Act by substituting a new sub-section (3). This amendment, effective retrospectively from July 1, 2017, mandates that registered persons who have wrongly availed and utilized input tax credit must pay interest on the erroneous credit. The interest rate, not exceeding twenty-four percent, will be determined by government notification based on the Council's recommendations. The amendment also provides for the prescribed method of calculating such interest.
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