https://www.taxtmi.com/circulars?id=66713 Interest under section 50(3) and rule 88B is triggered only when the total input tax credit balance in the electronic credit ledger, taken together under IGST, CGST and SGST, falls below the amount of wrongly availed IGST credit; the extent of interestable utilization equals the shortfall of that aggregate balance. Compensation cess credit is excluded from the aggregate and cannot be used to avoid interest, since it is usable only for compensation cess payment. en-us Fri, 21 Jul 2023 00:00:00 +0530 Thu, 10 Aug 2023 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66713 Interest under section 50(3) and rule 88B is triggered only when the total input tax credit balance in the electronic credit ledger, taken together under IGST, CGST and SGST, falls below the amount of wrongly availed IGST credit; the extent of interestable utilization equals the shortfall of that aggregate balance. Compensation cess credit is excluded from the aggregate and cannot be used to avoid interest, since it is usable only for compensation cess payment. Circulars GST - States Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66713