https://www.taxtmi.com/article/detailed?id=13044 Interest under the GST regime is leviable only where wrongly availed input tax credit has been both availed and utilized; a voluntary reversal by debiting the electronic credit ledger via Form GST DRC-03 made before initiation of proceedings or issuance of a show cause notice demonstrates non-utilisation and therefore precludes the charging of interest. Payment of interest and penalty must be made from the electronic cash ledger, and procedural rules require communication of the determination before assessment proceedings commence. en-us Wed, 23 Oct 2024 10:21:02 +0530 Wed, 23 Oct 2024 10:21:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13044 Interest under the GST regime is leviable only where wrongly availed input tax credit has been both availed and utilized; a voluntary reversal by debiting the electronic credit ledger via Form GST DRC-03 made before initiation of proceedings or issuance of a show cause notice demonstrates non-utilisation and therefore precludes the charging of interest. Payment of interest and penalty must be made from the electronic cash ledger, and procedural rules require communication of the determination before assessment proceedings commence. Articles Goods and Services Tax - GST Wed, 23 Oct 2024 10:21:02 +0530 https://www.taxtmi.com/article/detailed?id=13044