TaxTMI 
TaxTMI 
Clarification on charging of interest under section 50(3) of the HGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.
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.... the July 24, 2023. (File No. 519/GST-II) Subject : Clarification on charging of interest under section 50(3) of the HGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof. The circular seeks to clarify requesting for clarification regarding charging of interest under sub-section (3) of section 50 of the Haryana Goods and Services Tax Act, 2017 (hereinafter referred ....
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....GST credit, at all times, till the time of reversal of the said wrongly, availed IGST credit. 2. Issue has been examined and to ensure uniformity in the implementation of the provisions of law across the field formations, the Commissioner of State Tax, in exercise of its powers conferred by section 168 of the HGST Act, hereby clarifies the issues as under : Sl. No. Issue Clarification ....
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....rule 88B of the HGST Rules and for determining as to whether the balance in the electronic credit ledger has fallen below the amount of wrongly availed input-tax credit of IGST, and to what extent the balance in electronic credit ledger has fallen below the said amount of wrongly availed credit. Thus, in the cases where IGST credit has been wrongly availed and subsequently reversed on a certain....
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....e extent to which the total balance in electronic credit ledger under heads of IGST, CGST and SGST taken together falls below such amount of wrongly availed IGST credit, and will attract interest as per sub-section (3) of section 50 of the HGST Act, read with section 20 of the Integrated Goods and Services Tax Act, 2017 and sub-rule (3) of rule 88B of the HGST Rules. 2. Whether the credit of....