I have one sale bill of November 2017 which i have omitted to put in gstr 3b and gstr 1 on which tax liability is 49000/- in sgst and 49000/- in cgst.
At the end of novemeber i have gst itc available is 75000/- in cgst and 20000/- in sgst.
now i want to show the bill in june return.
so if i ll pay interest, how to calculate interest and on which amount? and whether interest is paid to both or to only sgst???
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Bills Missed Out.
Replies (5)
Pay interest @ 18% p.a. on both Rs. 49000/-+49000/- from 20th Dec,17 to 20th July, 18.
but i have an itc credit of 95000/- .Whether itc cannot be adjusted?
Even if you adjust with ITC you will have to make interest payment because adjustment with ITC is also a kind of payment
but i have an itc credit of 95000/- .Whether itc cannot be adjusted?
input tax credit cannot be adjusted against interest n penality etc under GST ACT
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