https://www.taxtmi.com/forum/issue?id=118376 Interest under Section 50(3) read with Rule 88B is payable on wrongly availed and utilised ITC from the date of utilisation until reversal/payment; utilisation is deemed when the electronic credit ledger balance falls below the wrongly availed amount, and the extent and date of utilisation are determined by the ledger shortfall or return-related rules. The computation dispute concerns whether ITC balances across IGST, CGST and SGST heads are to be considered together or separately when determining utilisation; the GST Council recommended a circular treating the heads together for interest calculation. en-us Wed, 15 Feb 2023 09:36:13 +0530 Thu, 23 Jan 2025 15:54:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118376 Interest under Section 50(3) read with Rule 88B is payable on wrongly availed and utilised ITC from the date of utilisation until reversal/payment; utilisation is deemed when the electronic credit ledger balance falls below the wrongly availed amount, and the extent and date of utilisation are determined by the ledger shortfall or return-related rules. The computation dispute concerns whether ITC balances across IGST, CGST and SGST heads are to be considered together or separately when determining utilisation; the GST Council recommended a circular treating the heads together for interest calculation. Discussion-Forum GST Wed, 15 Feb 2023 09:36:13 +0530 https://www.taxtmi.com/forum/issue?id=118376