Govt Reduced Interest Payable on Late Payment of Tax and Wrongly Availed ITC
On the occasion of 6 years of GST, the CBIC clarifies that taxpayers are liable to pay interest only if they utilized the wrongly availed Input Tax Credit (“ITC”) for the payment of GST liability. They announce a retrospective relief measure for taxpayers in this regard.
Furthermore, the CBIC informs about the reduction in the interest rate on wrongly availed and utilized ITC from 24% to 18% effective from July 1, 2017.
read Notification No. 14/2022 dated July 05, 2022 CLICK HERE
Source from: https://twitter.com/cbic_india/status/1676491449641336832