Menu
explain sec 50 CGST Act.
some examples sir
Replies (1)
Interest on delayed payment of tax: Section 50 of CGST Act, 2017
ABC ltd needs to pay the GST of Rs.10 lakh on or before 20th May, 2018. However, it only manages to pay the tax on 20thJune, 2018. Please calculate the Interest on tax which is to be paid.
To calculate the correct interest we need the following:
Interest rate (18% as per section 50)
No. of days default (31 days, we shall not count 20th may)
Outstanding tax (Which is Rs.10 lakh)
Hence, interest on late payment of tax will be Rs.15,287/- (10 lakh*18%*31/365).
ABC ltd needs to pay the GST of Rs.10 lakh on or before 20th May, 2018. However, it only manages to pay the tax on 20thJune, 2018. Please calculate the Interest on tax which is to be paid.
To calculate the correct interest we need the following:
Interest rate (18% as per section 50)
No. of days default (31 days, we shall not count 20th may)
Outstanding tax (Which is Rs.10 lakh)
Hence, interest on late payment of tax will be Rs.15,287/- (10 lakh*18%*31/365).
Recent Topics :
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
Related Topics :
CAclubindia
