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of <h1>Gujarat Clarifies Interest on Wrong IGST Credit: No Interest If Combined ITC Stays Above Wrongly Availed Amount.</h1> The circular issued by the Chief Commissioner of State Tax, Gujarat, clarifies the calculation of interest under section 50(3) of the CGST Act, 2017, for cases involving the wrong availment and reversal of IGST credit. It states that interest is not applicable if the total input-tax credit (ITC) balance across IGST, CGST, and GGST remains above the wrongly availed amount until reversal. However, interest applies if the combined ITC balance falls below the wrongly availed IGST credit. Additionally, compensation cess credit cannot be considered in the ITC balance for interest calculation purposes.
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