TaxTMI 
TaxTMI 
Sir whether section 50(3) of CGST Act 2017 in which 24 percent of interest has been recommended is applicable now or amended and only 18% of interest is applicable.
Interest rate
19 Sep 2023 
9 Replies 
16335 Views Asked by
Interest rate under Section 50(3) revised by Finance Act amendment, applying retrospectively to prior GST liabilities.
The statutory amendment effected by the Finance Act substitutes the earlier notified figure for the interest entry corresponding to the provision governing interest on wrongly availed and utilised input tax credit, thereby changing the prescribed rate by altering the notification table and applying that substituted figure for the period specified in the schedule. (AI Summary)
The statutory amendment effected by the Finance Act substitutes the earlier notified figure for the interest entry corresponding to the provision governing interest on wrongly availed and utilised input tax credit, thereby changing the prescribed rate by altering the notification table and applying that substituted figure for the period specified in the schedule. (AI Summary)