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

[Guest]

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.

[SHIVKUMAR SHARMA]

Rate of Interest is 15%

AI Summary

Interest on ITC reversal: pre-GST audit findings attract interest payable along with repayment under applicable tax rules. Applicable interest on Input Tax Credit reversal arising from pre GST audit findings is 15%. Taxpayers must repay the reversed ITC together with interest at the specified rate when audit adjustments require reversal of credit for periods prior to GST.