Wrong availment of IGST credit: interest applies only when combined ITC falls below the wrongly availed amount. Interest on wrongly availed IGST credit is determined by the aggregate input-tax credit balance in the electronic credit ledger across IGST, CGST and SGST; no interest is chargeable if that combined balance never falls below the wrongly availed amount during the period between availment and reversal. Compensation cess credit is excluded from this aggregate and cannot be used to offset interest exposure 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.
Wrong availment of IGST credit: interest applies only when combined ITC falls below the wrongly availed amount.
Interest on wrongly availed IGST credit is determined by the aggregate input-tax credit balance in the electronic credit ledger across IGST, CGST and SGST; no interest is chargeable if that combined balance never falls below the wrongly availed amount during the period between availment and reversal. Compensation cess credit is excluded from this aggregate and cannot be used to offset interest exposure or reversals.
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