TaxTMI 
TaxTMI 
GSt Interest Rate
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....St Interest Rate<br> Query (Issue) Started By: - kiran kumar Dated:- 30-1-2020 Last Reply Date:- 30-1-2020 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>Dear Sir, We availed RCM gst credit ....
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....Wrongly from Aug-17 to Feb-17 after that we realized RCM credit not available, since we are dealing with Exempted products and repaid the same in the month of Mar-18 along with Interest at the rate of....
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.... 18%. Now while filling 9c auditor is asking Interest Rate is 24% instead of 18% Please suggest which rate is correct Thanks&Regards, Kiran Kumar Reply By CA Venkata prasad Pasupuleti: The Reply....
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....: Hi Correct rate is 18%. The rate of 24% is applicable for ITC mismatch cases which are not being implemented now & deferred. Reply By KASTURI SETHI: The Reply: Interest @24% is applicable only i....
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....f the elements of suppression of the facts, fraud etc with an intent to evade payment of tax are present. Here you have reversed ITC along with interest 18% on your own. So no mala fide intention is p....
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....resent in this case. Hence 18% correct de jure. Reply By kiran kumar: The Reply: Thanks for your Replies<br> Discussion Forum - Knowledge Sharing ....