Interest payable with sgst chat and cess
This query is : Resolved
Quick Summary
A Srinivas
(Querist)
08 June 2021
supplier charged interest for delayed payment as below
Supplier sent a DEBITNOTE
DEBITNOTE DETAILS
interest payable 4368.23
cgst on interest @14% 611.55
sgst on interest @14% 611.55
cess 218.41
total payable by the dealer to supplier is 5809.74
please tell how to account for and creation of which type of voucher in tally software
Supplier sent a DEBITNOTE
DEBITNOTE DETAILS
interest payable 4368.23
cgst on interest @14% 611.55
sgst on interest @14% 611.55
cess 218.41
total payable by the dealer to supplier is 5809.74
please tell how to account for and creation of which type of voucher in tally software
CA Altamush Zafar
(Expert)
08 June 2021
Account it as other expenses on which gst applicable. If itc available then taxes will be debited as asset. If itc not available then taxes will be expenses along with interest.
20 June 2021
Agree with Zafar...
Thanks
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