https://www.taxtmi.com/circulars?id=66883 Total input tax credit across IGST, CGST and SGST in the electronic credit ledger is to be treated as the available balance for computing interest on wrongful availment and reversal of IGST credit under rule 88B(3) and section 50(3). No interest arises if, from availment until reversal, the combined ITC balance never falls below the wrongly availed amount; when it does fall below, the extent of deemed utilization equals the shortfall and interest is chargeable to that extent. Compensation cess credit is excluded from this calculation. en-us Tue, 10 Oct 2023 00:00:00 +0530 Wed, 11 Oct 2023 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66883 Total input tax credit across IGST, CGST and SGST in the electronic credit ledger is to be treated as the available balance for computing interest on wrongful availment and reversal of IGST credit under rule 88B(3) and section 50(3). No interest arises if, from availment until reversal, the combined ITC balance never falls below the wrongly availed amount; when it does fall below, the extent of deemed utilization equals the shortfall and interest is chargeable to that extent. Compensation cess credit is excluded from this calculation. Circulars GST - States Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66883