Rate of Interest to be charged on late payment of Tax
This query is : Resolved
13 October 2020
Hi
The assessee has a turnover below 5crores in the preceding financial year and has filed all the GST returns pertaining to February, March, and April 2020 on time. However, the assessee forgot to mention 1 sale invoice in the return of April. Further, the assessee did not file the returns from June 2020. Now he is willing to incorporate that April sale invoice in the June return. Resultingly, the liability of tax arose for June month. I want to ask that at what rate Interest should be charged on the assessee? 18%, 9%, or Nil.
The assessee has a turnover below 5crores in the preceding financial year and has filed all the GST returns pertaining to February, March, and April 2020 on time. However, the assessee forgot to mention 1 sale invoice in the return of April. Further, the assessee did not file the returns from June 2020. Now he is willing to incorporate that April sale invoice in the June return. Resultingly, the liability of tax arose for June month. I want to ask that at what rate Interest should be charged on the assessee? 18%, 9%, or Nil.
13 October 2020
9% from 7th july to 30th sept and 18% from 1st october till the date of filing return.
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
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Rent claimed on building given on permissive possession basis
- Taxability of credit in canara bank ET & T section (NRO)
- DUE DATE FOR ITR FILING
- 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
