TaxTMI 
TaxTMI 
Interest on wrong ITC
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....nterest on wrong ITC<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 8-4-2022 Last Reply Date:- 14-4-2022 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>XYZ had wrongly claimed IT....
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....C which they have reversed but without paying interest since in totality large amount of ITC is in balance to cover the ITC claimed. However, e.g. if ITC of CGST is wrongly claimed, in CGST sufficient....
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.... balance is not available but is available in SGST and IGST to cover the wrong ITC. Are they required to pay interest in such situation for ITC on CGST? Reply By Shilpi Jain: The Reply: No interest ....
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....would be liable. the ITC balance is due to the manner in which the credit has to be utilised as per law. Mere fact that there is ITC balance, in whichever head, should be enough not to charge interest....
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.... There is a HC decision also in this regard Reply By Kaustubh Karandikar: The Reply: Thanks shilpi ji for you support. Is it possible to share the HC ruling or at least the citation? Reply By Shi....
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....lpi Jain: The Reply: M/S RADHESHYAM SPINNING PVT LTD VERSUS UNION OF INDIA [2021 (2) TMI 141 - GUJARAT HIGH COURT] Reply By Kaustubh Karandikar: The Reply: thanks shilpi ji for the citation. Reply....
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.... By Ganeshan Kalyani: The Reply: Thank you Shilpi Mam.<br> Discussion Forum - Knowledge Sharing ....