Interest Rate on Wrongly Availed Input Tax Credit Reduced from 24% to 18% under CGST Act, Effective July 1, 2017.

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....Rate of interest u/s 50(3) of the CGST Act, 2017 - where ITC has been availed and utilized wrongly reduced from 24% to 18% w.e.f. 1.7.2017 - Notification as amended vide Finance Act, 2022....