Interest on GST

This query is : Resolved

badrinarayanan (Querist)
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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.

Lekhraj sood

Lekhraj sood (Expert)
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15 January 2021 On Rs.30 though department may ask for interest on Rs.50.Rate would be 18%.

badrinarayanan

badrinarayanan (Querist)
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25 January 2021 Thanks for the reply Mr. Lekhraj sood.

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