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GST interest calculation
whether we have to calculate interest on net tax liability or gross i.e output tax liability??
Replies (8)
Interest is to calculated on gst payable amount.
You can calculate interest on gross liability not net liability
As per latest amendment( in 31st GST council meeting) Interest is payable on net amount (Output tax - ITC) i.e payble from electronic cash ledger.
@ Vinod Babu sir, Gst Payable in the sense after setting off liability against ITC ?? plz conform...
Interest on delayed tax payments is charged at 18 percent per annum on the amount of outstanding tax and is calculated from the day following the missed due date until the actual date of payment.
Gst payable means OTC-ITC.
Gst payable means OTC-ITC.
thank you so much @ vinod Babu sir
Always welcome to CCI.....
Thank you Vinod sir
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