https://www.taxtmi.com/forum/issue?id=118700 Whether interest is payable when input tax credit reversible under Rule 42 is not reversed and remains unutilised. Rule 42 directs reversal and states interest at the rate specified in the first sub section of the interest provision accrues from the first day of April until payment. Commentators are split: some argue no interest absent utilisation or revenue loss, others read Rule 42 as triggering interest from the accrual date irrespective of utilisation and warn of penalties for non reversal and wrong availment. en-us Fri, 18 Aug 2023 10:25:48 +0530 Thu, 23 Jan 2025 14:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118700 Whether interest is payable when input tax credit reversible under Rule 42 is not reversed and remains unutilised. Rule 42 directs reversal and states interest at the rate specified in the first sub section of the interest provision accrues from the first day of April until payment. Commentators are split: some argue no interest absent utilisation or revenue loss, others read Rule 42 as triggering interest from the accrual date irrespective of utilisation and warn of penalties for non reversal and wrong availment. Discussion-Forum GST Fri, 18 Aug 2023 10:25:48 +0530 https://www.taxtmi.com/forum/issue?id=118700