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How to Calculate Interest on ITC Reversal in GST

calculate interest on gst reversal itc

Understanding Interest on Excess ITC Claimed, ITC Reversal, and ITC Availed But Not Utilized Within the GST framework, businesses encounter three critical scenarios related to Input Tax Credit (ITC) that involve interest implications: Example Calculation: Consider the following scenario: The table below illustrates the calculation of interest for the ITC reversal: Item Details Amount of … Read more