Our company has Input Tax Credit of Rs.170,000 on the start of October month, we had ST payable of Rs.100,000 in the end of december(No Payment made), and atlast in the month of march we had input credit Rs.100,000( without Payment), Rs.200,000( If we had paid it in october ).
So, Please clarify whether we need to pay tax for Month of october with interest (Or) Only Interst for payable amount. If only for the amount payable , Please clarify me in period for calculating interest payment
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 April 2014
I think it should be paid with interest as we cannot show negative input credit for a month expecting future input credit.