Rule 43 (1) (h), Goods and Services Tax - GST

[Rajesh Kumar]

Respected experts,

Please explain Rule 43(1)(h).

Does we require to pay interest every month on the revers-able ITC ?

Posts / Replies

[KASTURI SETHI]

Rule 43 (1) (h) talks of tax period. Have you gone through definition of 'tax period' ?

[Rajesh Kumar]

Sir Rule 43(1)(h) states

(h) the amount T_e along with the applicable interest shall, during every tax period of the useful life of the concerned capital goods, be added to the output tax liability of the person making such claim of credit.

Does it mean while reversing ITC again the capital goods used as common u/r 43, we also require to pay interest on sain reversal from the date ITC taken ?

Here tax period is month.

Please guide.

[Shilpi Jain]

A view can be taken that it is not required to be paid if the reversal is done timely every month.