https://www.taxtmi.com/circulars?id=67171 For interest calculations on wrongly availed IGST credit, the combined input-tax credit balance across IGST, CGST and SGST heads must be considered. If the combined ITC balance never falls below the wrongly availed amount between availment and reversal, no interest is attracted; if it does fall below, the shortfall equals the extent of utilisation and attracts interest. Compensation cess credit is excluded from this computation because it may only be used for compensation cess liabilities. en-us Mon, 24 Jul 2023 00:00:00 +0530 Wed, 07 Feb 2024 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67171 For interest calculations on wrongly availed IGST credit, the combined input-tax credit balance across IGST, CGST and SGST heads must be considered. If the combined ITC balance never falls below the wrongly availed amount between availment and reversal, no interest is attracted; if it does fall below, the shortfall equals the extent of utilisation and attracts interest. Compensation cess credit is excluded from this computation because it may only be used for compensation cess liabilities. Circulars GST - States Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67171