In the FY 2018-19, I claimed a total amount of INR 5000 extra as ITC. Now, to make a voluntary payment through DRC 03, how can I calculate the interest rate on this? Is there any particular interest rate mandated for late voluntary payment?
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DRC 03 Voluntary payment 73(5): How to calculate the interest rate?
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The interest rate @ 24%p.a for Excess claimed ITC. You calculate the interest from when You take the ITC and the excess claimed amount...
Interest = 5000 x 24% / 365 x no.of days...
Interest = 5000 x 24% / 365 x no.of days...
Can you please share the exact act, section (and its subsection) where this rate is specified? I'm grateful for your quick help.
Can you please share the exact act, section (and its subsection) where this rate is specified?
Act - GST Act
Section - 50 of CGST act
Where - sec 50(3) of CGST act
Act - GST Act
Section - 50 of CGST act
Where - sec 50(3) of CGST act
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