Interest on late payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2018 Interest on GST is calculated before setting off of ITC or after ?
For Eq : Output CGST & SGST = 15,000 , Input IGST 5000 , CGST & SGST 10,000
On what amount should i calculate Interest ?

Expert : Anonymous

Expert : Anonymous (Expert)

06 October 2018 As per Your said Values No more tax liability. So, No need to pay Interest if You are filing after Due date... * Late Fee will be Payable. ** Value shown by You (CGST & SGST 15k means both value or Single value)

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2018 Yeah Filing is done after due date. After set off there is Rs. 5,000 SGST payable, should i calculate interest only on this amount?

Expert : Anonymous

Expert : Anonymous (Expert)

06 October 2018 Yes... Interest will be calculate only on Payable amount. Not for billed amount. You can pay interest for the Payable amount of Rs 5k.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2018 But in GSTN portal if we enter interest amount in SGST column it is getting auto filled in CSGT coloumn as well