Section 13 in THE BIHAR GOODS AND SERVICES TAX (AMENDMENT) ACT, 2022
13. Amendment of section 50.—
In section 50 of the principal Act, for sub-section (3), the following sub-section shall be substituted and shall be deemed to have been substituted with effect from the Ist day of July, 2017, namely:—(3)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 percent. 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.
