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In case of reversal of ITC under Rule 42 on common credit taken against exempt as well as taxable supplies,the rate of interest payable on delayed reversal of common credit will be 18% or 24%?
ITC Reversal Of Common Credit
Kaustubh Karandikar
Interest on delayed reversal of common input tax credit applies under Section 50(1), not a higher rate. Reversal of common input tax credit under Rule 42 for supplies that are both exempt and taxable attracts interest on delayed reversal governed by Section 50(1) of the CGST Act; the applicable interest rate is the Section 50(1) rate rather than a higher rate. (AI Summary)
