No interest on mere ITC availment – The Finance Bill, 2022 clarifies!
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- Last Updated on 8 February, 2022
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Raghavan Ramabadran, Sahana Rajkumar & Derlene Joshna – [2022] 135 taxmann.com 51 (Article)
The much-awaited Budget 2022 which has introduced the Finance Bill, 2022 comes bearing good news to taxpayers who were dreading the possibility of recovery of 24% interest on wrongful credit availment. The Bill seeks to retrospectively substitute Section 50(3) of the Central Goods and Services Tax Act, 2017 to provide for levy of interest only in cases where input tax credit has been wrongly availed and utilized.
This Article would delve into the proposed amendment to Section 50(3) and the way forward for taxpayers who have paid interest on mere wrongful availment of credit (including transition credit).
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