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GST DEBIT NOTE QUERY.
Mr. X issued GST debit note Rs.100000+18% GST on 10-12-2020 relating to sale Rs.100000+18% GST 10-11-2020, but this debit note not shown in the December 2020 GSTR 1 and GSTR 3B,it is shown in the January 2021 GSTR1 and GSTR 3B and January 2021 GSTR 3B is filed on 15-1-2021, then is any interest is applicable on such debit note? From which date to which date? From the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 or from December 2020 GSTR 3B (debit issued in the December 2020 month)due date to 15-1-2021? What is the rate of interest? 18% or 24%?
Replies (16)
Depending on the reason of debit note the interest can be charged from either November or December.
Rate will be 18%
Rate will be 18%
Reason for issuing the debit note is based on above fact are given in two situation:-
(A) Original tax invoice has been issued and taxable value in the invoice is less than actual taxable value.
(B) Original tax invoice has been issued and the tax charged in the invoice is less than the actual tax to be paid.
what is answer in this two situation based on the above facts? interest is calculated from which date?
(A) Original tax invoice has been issued and taxable value in the invoice is less than actual taxable value.
(B) Original tax invoice has been issued and the tax charged in the invoice is less than the actual tax to be paid.
what is answer in this two situation based on the above facts? interest is calculated from which date?
A) If the rise in taxable value is due to reason arsing after the issue of invocie then interest is not charged however this is subject to litigation.
However if increase in taxable value is due to earlier mistake then interest applicable from original invoice date.
B) Interest applicable from original invoice date since rate of tax was wrong
That means in both situation interest is charged from the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 , am i right?
Yes as replied above for the specific cases you asked.
Sir one more doubt in this case two interest is applicable at same time? ie, in this situation December 2020 debit note shown in the january 2021 GSTR 1 and GSTR 3B then is any separate interest applicable for this from December 2020 GSTR 3B (debit issued in the December 2020 month)due date to 15-1-2021 along with interest from the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 ?
No
Interest will be only once since supply is also only once. There is no supply in debit note. There is only rectification of original supply.
Sir finally,
that means only one interest is applicable, it is From the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 in both situation, am i right?
that means only one interest is applicable, it is From the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 in both situation, am i right?
Yes
That is correct........
Sir maximum time limit of claiming itc in GST is calculated from the which date inovice date or debit note date in this Case?
Now it is date of debit note
That means only one interest is applicable, it is applicable From the November 2020 GSTR 3B due date(original invoice issued in the November 2020 month) to 15-1- 2021 in both situation but maximum time limit for claiming ITC is applicable from the from December 2020 GSTR 3B (debit note issued in the December 2020 month)due date to 15-1-2021)
Interest is on supplier
Itc is for recipient
Then Debit note and amendment of invoice is almost same, in both case interest is applicable, am i right?
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