What is the rate of interest under GST Law as per rule 37(3) in case of reversal of ITC for non-payment of consideration within 180 days ?

CS Executive · Tax Laws · PYQS · June 2024
What is the rate of interest under GST Law as per rule 37(3) in case of reversal of ITC for non-payment of consideration within 180 days ?
(A) 10% pa
(B) 12% pa
(C) 18% pa
(D) 24% pa

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Goods and Services Tax (GST)

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