https://www.taxtmi.com/forum/issue?id=118416 Whether interest is payable when ITC is availed but later reversed depends on interaction between the tax-payment interest provision and the procedural reversal rule. One practitioner view holds that if ITC is reversed or paid back under the procedural reversal rule within the prescribed time limit, no interest under the tax-payment interest provision is attracted even if the credit was utilised temporarily. An additional note states that following the rule amendment, unutilised credit taken for specified delayed payments and reversed will not attract interest, unlike under earlier provisions. en-us Sun, 12 Mar 2023 18:41:05 +0530 Thu, 23 Jan 2025 15:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118416 Whether interest is payable when ITC is availed but later reversed depends on interaction between the tax-payment interest provision and the procedural reversal rule. One practitioner view holds that if ITC is reversed or paid back under the procedural reversal rule within the prescribed time limit, no interest under the tax-payment interest provision is attracted even if the credit was utilised temporarily. An additional note states that following the rule amendment, unutilised credit taken for specified delayed payments and reversed will not attract interest, unlike under earlier provisions. Discussion-Forum GST Sun, 12 Mar 2023 18:41:05 +0530 https://www.taxtmi.com/forum/issue?id=118416