Input tax credit interest liability amended to cover wrongly availed and utilised credit, with notified rate and prescribed calculation. Interest liability under section 50 was substituted to require a registered person to pay interest where input tax credit has been wrongly availed and utilised. The interest rate is capped at twenty-four per cent, to be notified by the Government on the recommendations of the Council, and the manner of calculation is to be prescribed. The amendment applies retrospectively from 1 July 2017 and was brought into force on 5 July 2022.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit interest liability amended to cover wrongly availed and utilised credit, with notified rate and prescribed calculation.
Interest liability under section 50 was substituted to require a registered person to pay interest where input tax credit has been wrongly availed and utilised. The interest rate is capped at twenty-four per cent, to be notified by the Government on the recommendations of the Council, and the manner of calculation is to be prescribed. The amendment applies retrospectively from 1 July 2017 and was brought into force on 5 July 2022.
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