Dear sir, if ITC wrongly claimed and kept un utilised..whether interest u/s 50(3) payable @24% on reversal? Please guide...

Reply—Under Section 50(3) of CGST Act, a taxable person who makes an undue or Excess claim of input tax credit under sub-section (10) of section 42 or undue or Excess reduction in output tax liability under sub-section (10) of section 43, shall pay interest on such undue or Excess claim or on such undue or Excess reduction, as the case may be, at such rate not exceeding twenty-four per cent., as may be notified by the Government on the recommendations of the Council.

Wordings of above section itself clarifies that interest is applicable on such undue or excess claim (whether it is utilised or not)