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of <h1>Clarification on Interest Calculation for Wrongly Availed IGST Credit under APGST Act, Sec 50(3): Conditions and Exclusions.</h1> The circular clarifies the calculation of interest under section 50(3) of the Andhra Pradesh Goods and Services Tax (APGST) Act, 2017, regarding wrongly availed Integrated Goods and Services Tax (IGST) credit. It states that interest is not applicable if the total input tax credit (ITC) balance, including IGST, Central GST (CGST), and State GST (SGST), never falls below the wrongly availed IGST amount until reversal. However, if the total ITC balance falls below the wrongly availed IGST amount, interest is charged. Compensation cess credit cannot be used for tax payments under CGST, SGST, or IGST, and thus, is excluded from interest calculations.
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