Input availed but not utilised

[Vinod Maheswari]

I have availed IGST Input Credit of ₹ 500000 in August 2017 . out of this I have used IGST credit of ₹ 200000. Now in January 18 I came to know that ₹ 300000 credit was wrongly availed. Now my question is

if I am reversing IGST Credit by my self than I have to pay Interest or not . Please quote the Section or rules in your answer.

I have read section 73,74, section 42, 43 in which they say that interest is payable on wrongly availed input but all these section define regarding time when offence in come notice of department/System.

So Please clarify whether in GST Interest is payable just of Input taken or its payable on Input taken and utilsed.

AI Summary

Debate Over Interest on Wrongly Availed but Unused IGST Credit: Sections 50, 73, 74, 42, 43, and 39(9) Discussed. A user questioned whether interest is payable on wrongly availed but unused IGST credit of 300,000. They referenced sections 73, 74, 42, and 43, which mention interest on wrongly availed input. A respondent cited Section 50 of the CGST Act, 2017, stating interest at 18% is due from the date of availing until reversal. The user countered, noting sections 42(10) and 43(10) relate to errors detected by the GST portal, and rule 37 applies to vendor non-payment. They argued Section 39(9) allows voluntary rectification with interest, suggesting only this section is relevant. Another participant noted interest is payable on the availed credit.