Difference between Penalty and fee in cash ledger

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20 Points Posted on 14 July 2020
what is the difference between penalty and fee in cash ledger.
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On 14 July 2020 at 12:44 Report
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This discussion clarifies the distinction between penalties and fees within a cash ledger. Fees are typically categorised as late fees, while penalties are recognised as interest charged on late payments. The content further explains that interest on overdue tax is calculated from the initial due date of payment as per GST regulations.

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132 Points Posted on 14 July 2020
Fees is recognized as late fees and penalty recognized as interest on late payment
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On 14 July 2020 at 14:24
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20 Points Posted on 14 July 2020
What is the Interest then in cash ledger.
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On 14 July 2020 at 14:26
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132 Points Posted on 14 July 2020
A person liable to pay tax fails to pay tax interest on the tax due will be calculated from the first day on which the tax was due to be paia as per the rules of gst payments
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On 14 July 2020 at 14:33

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