Interest on delayed tax payments calculated on cash ledger debits or unpaid tax, and on wrongly availed input tax credit. Rule 88B prescribes calculation of interest on delayed tax payment: interest on tax paid by debiting the electronic cash ledger for returns filed late is computed for the delay period beyond the due date; otherwise interest is computed on unpaid tax from its due date until payment; and interest on wrongly availed and utilised input tax credit is computed from the date of utilisation until reversal or payment. The rule defines when wrongly availed input tax credit is considered utilised and how to determine the date of utilisation.
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Provisions expressly mentioned in the judgment/order text.
Interest on delayed tax payments calculated on cash ledger debits or unpaid tax, and on wrongly availed input tax credit.
Rule 88B prescribes calculation of interest on delayed tax payment: interest on tax paid by debiting the electronic cash ledger for returns filed late is computed for the delay period beyond the due date; otherwise interest is computed on unpaid tax from its due date until payment; and interest on wrongly availed and utilised input tax credit is computed from the date of utilisation until reversal or payment. The rule defines when wrongly availed input tax credit is considered utilised and how to determine the date of utilisation.
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