Considering GST Rule 37, Is interest payable even if ITC availed earlier is not utilized?

[SHIVAM GUPTA]

Considering GST Rule 37 read with Rule 88B(3), Section 16(2)(c) & Section 50(3), Is interest payable even if ITC availed earlier is not utilized?

AI Summary

Debate on Interest Payable Under GST Rule 37: Unutilized ITC and Implications of Section 50(3) and Rule 88B(3) A discussion on whether interest is payable under GST Rule 37 if Input Tax Credit (ITC) availed earlier is not utilized. One participant argues that liability to pay interest under Section 50(3) and Rule 88B(3) is separate from the liability under Section 16(2) and Rule 37. Another view suggests no interest is payable if ITC is reversed within the specified time limit, even if utilized temporarily. A third participant notes that current provisions do not require interest payment if the credit is unutilized, unlike earlier rules. The discussion emphasizes these as personal views, not professional advice.