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of <h1>Amendment to Section 50: 24% Interest on Wrong Input Tax Credit Utilization Retroactively Effective from July 1, 2017.</h1> Section 50 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2022. The revised sub-section (3) specifies that if a registered person wrongly avails and utilizes input tax credit, they must pay interest on the misused credit. The interest rate is capped at 24%, as determined by the government based on the Council's recommendations. This amendment is retroactively effective from July 1, 2017, and the interest calculation method will be prescribed by the authorities.
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