Interest on wrongly availed IGST credit-aggregate ITC pool governs when interest applies, not IGST-head alone. Clarification states that for interest on wrongly availed IGST credit the determining factor is the total input tax credit balance across IGST, CGST and KGST in the electronic credit ledger; interest is chargeable only to the extent the combined ITC falls below the wrongly availed IGST amount. Compensation cess credit is excluded from this aggregate since it cannot be used to discharge IGST, CGST or KGST liabilities.
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.
Interest on wrongly availed IGST credit-aggregate ITC pool governs when interest applies, not IGST-head alone.
Clarification states that for interest on wrongly availed IGST credit the determining factor is the total input tax credit balance across IGST, CGST and KGST in the electronic credit ledger; interest is chargeable only to the extent the combined ITC falls below the wrongly availed IGST amount. Compensation cess credit is excluded from this aggregate since it cannot be used to discharge IGST, CGST or KGST liabilities.
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