Applicable rate of interest on ITC reversal of Audit point prior to GST now to make payment

[karunakar reddy]

Dear Sir/Madam,

we have been recently audited of records prior to GST, in this we have to reversal of ITC now along with interest. please let us know the applicable rate of interest for the same.

AI Summary

Interest Rate for Pre-GST ITC Reversal Set at 15% Following Audit Review A query was raised regarding the applicable rate of interest on the reversal of Input Tax Credit (ITC) identified during an audit of records from before the implementation of GST. The individual sought clarification on the interest rate to be applied when making this payment. In response, it was clarified that the applicable rate of interest for the reversal of ITC in this context is 15%.