Refund interest paid on ineligible input tax credit, says industry

Industry has demanded that interest paid on ineligible input tax credit, which was availed but not utilised under the  goods and services tax  (GST) regime, be refunded. At its recent meeting, the  GST  Council exempted these credits from interest rates with effect from July 1, 2017, when  GST  was introduced. It, however, did not clarify whether interest already paid…