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of <h1>Madhya Pradesh Amends GST Rules: New Sub-rule for Interest on Wrongly Utilised Input Tax Credit in Rule 88B.</h1> The Madhya Pradesh government has amended the Madhya Pradesh Goods and Services Tax Rules, 2017, effective from July 2017. A new sub-rule (3) has been added to rule 88B, detailing the calculation of interest on input tax credit wrongly availed and utilised. The interest is calculated from the date of utilisation until the reversal or payment of the tax. The explanation clarifies that input tax credit is considered utilised when the electronic credit ledger balance falls below the wrongly availed amount. The utilisation date is determined by the return filing date or the date of debit in the ledger.
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