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of <h1>Interest on Wrongly Availed IGST Credit: Section 50(3) Clarification on ITC Balance and Reversal Conditions.</h1> The circular clarifies the charging of interest under section 50(3) of the CGST Act, 2017, concerning the wrong availment and reversal of IGST credit. It states that interest is not applicable if the total input tax credit (ITC) in the electronic credit ledger, combining IGST, CGST, and SGST, never falls below the wrongly availed IGST credit amount before reversal. However, if the total ITC balance falls below the wrongly availed IGST amount, interest will be charged. The credit of compensation cess is excluded from this calculation. The circular aims to ensure uniform implementation across various jurisdictions.
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