Q. 476  I have question input tax claim availed wrongly and utilized if itc revers the we have pay interest 18% ya 24% after notified amend finance act 2022 section 111 and notification no 09/2022 05/july 2022 ?

Ans. As per sub-section 3 of section 50, where the input tax credit has been wrongly availed and utilised, the registered person shall pay interest on such input tax credit wrongly availed and utilised, at such rate not exceeding twenty-four per cent. as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed. Therefore, in the above case, interest to be calculated at the rate of 24%.

Q. 475 Interest on Fixed deposits to be shown under Table 5D of GSTR-9 with SAC 997112. Can we put tax rate as 0% while reporting under HSN summary (Table 17) ?

Ans. In the above case, you can continue showing the tax rate as 0%. 

Q. 474 Figures are showing in Table 12 & 13 in GSTR 9 of FY 2020-21. How to show previous year figures (FY 2020-21) in GSTR 9 of FY 21-22 ?

Ans. Both the tables are optional, taxpayers can choose not to fill this table.