hi all,
I had wrongly claimed excess itc but till date I had not utilised same. if I am reversing same then I have to pay interest on that? or there will be no interest because I had not used?
TIA
Any interest paid earlier on excess claim of ITC will be refunded by crediting the amount to the recipient's Electronic Cash Ledger. In case of duplication of ITC claim, no refund will be allowed as it is a contravention of the GST provisions.
CAclubindia 