https://www.taxtmi.com/forum/issue?id=117238 The issue is whether accumulated Input Tax Credit under an inverted duty structure must be reversed in a specified return and whether failure to reverse attracts interest, given the credit remains unused in the electronic ledger. Administrative guidance and a subsequent circular indicate interest may be payable for non reversal, while respondents argue no interest is due where there is no tax shortfall and the requirement to lapse credit has been judicially challenged; practitioners are advised to consider reversal under protest and to balance litigation risk against compliance costs. en-us Sat, 22 May 2021 00:45:13 +0530 Thu, 23 Jan 2025 15:54:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117238 The issue is whether accumulated Input Tax Credit under an inverted duty structure must be reversed in a specified return and whether failure to reverse attracts interest, given the credit remains unused in the electronic ledger. Administrative guidance and a subsequent circular indicate interest may be payable for non reversal, while respondents argue no interest is due where there is no tax shortfall and the requirement to lapse credit has been judicially challenged; practitioners are advised to consider reversal under protest and to balance litigation risk against compliance costs. Discussion-Forum GST Sat, 22 May 2021 00:45:13 +0530 https://www.taxtmi.com/forum/issue?id=117238