Interest on wrongly availed IGST credit arises when total ITC across tax heads falls below that wrongly availed amount. For interest under rule 88B and section 50(3), the relevant measure is the total input-tax credit balance across IGST, CGST and SGST in the electronic credit ledger; interest is triggered only if that combined balance falls below the wrongly availed IGST credit, and the extent of interest equals the extent to which the combined balance is short. Compensation cess credit is excluded from this calculation as it cannot be used for CGST, SGST or IGST liabilities or reversals.
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 arises when total ITC across tax heads falls below that wrongly availed amount.
For interest under rule 88B and section 50(3), the relevant measure is the total input-tax credit balance across IGST, CGST and SGST in the electronic credit ledger; interest is triggered only if that combined balance falls below the wrongly availed IGST credit, and the extent of interest equals the extent to which the combined balance is short. Compensation cess credit is excluded from this calculation as it cannot be used for CGST, SGST or IGST liabilities or reversals.
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