Interest on GST
This query is : Resolved
15 January 2021
Dear team/expert,
Please refer to below example regarding ITC reversal.
Particulars June 2020 Oct 2020
Output tax 100 0
Input tax 200 20
Net liability -100 -20
Reversal of ITC 0 50
Net liability -100 30
(Sorry about the alignment. I am not able to create table format.
Particulars represents text, June 2020 output tax is 100 and that of Oct is 0. and so on.)
In the above example, Kindly tell me when i reverse ITC in Oct month, whether interest is calculated on 50 or 30 ? Also specify the Interest rate.
Please refer to below example regarding ITC reversal.
Particulars June 2020 Oct 2020
Output tax 100 0
Input tax 200 20
Net liability -100 -20
Reversal of ITC 0 50
Net liability -100 30
(Sorry about the alignment. I am not able to create table format.
Particulars represents text, June 2020 output tax is 100 and that of Oct is 0. and so on.)
In the above example, Kindly tell me when i reverse ITC in Oct month, whether interest is calculated on 50 or 30 ? Also specify the Interest rate.
15 January 2021
On Rs.30 though department may ask for interest on Rs.50.Rate would be 18%.
25 January 2021
Thanks for the reply Mr. Lekhraj sood.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
