Notification No. 13/2017 – Central Tax, states the rate of interest to be paid or received by the taxpayers under CGST. The interest rate in case of delayed payment is 28%, reversal of input tax credit in case of a mismatch, ITC availed before supplier uploads the invoice the interest rate is 24%, in case of delayed refund the interest rate is 6% and in case of refund under adjudication process it is 9%.
GST Tip – 188
Another new form “FORM GST MIS-2” has been introduced in the Revised Return Rules. This form will be issued to the supplier of the goods and services in cases of mismatch between the supplier’s and recipient’s records in cases where the recipient has claimed excess input tax credit or the supplier has not uploaded his records in the GSTR – 1.