Goa GST Act Section 50(3): Clarification on Interest for Wrong IGST Credit Reversal and Input Tax Credit Calculation.

The circular clarifies the charging of interest under Section 50(3) of the Goa GST Act, 2017, regarding the wrong availment and reversal of IGST credit. It states that for calculating interest, the total input tax credit available in the electronic credit ledger under IGST, CGST, and SGST should be considered collectively. No interest liability arises if the total balance never falls below the wrongly availed amount until reversal. However, if the total balance falls below, interest is applicable. Compensation cess cannot be used for tax payments under CGST, SGST, or IGST, and is excluded from interest calculations.

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