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of <h1>Clarification on Interest Calculation for Wrong IGST Credit Availment u/s 50(3) of CGST Act, 2017.</h1> The circular clarifies the interest calculation under section 50(3) of the CGST Act, 2017, for wrong availment and reversal of IGST credit. It states that interest is not applicable if the total input tax credit balance across IGST, CGST, and SGST does not fall below the wrongly availed IGST credit before reversal. If the total balance falls below this amount, interest applies to the extent of the shortfall. Compensation cess credit cannot be used for these calculations. The circular aims to ensure uniform application of these rules and requests dissemination of its contents.
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