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Interest

subin (Fin Consulatantb) (34 Points)

13 December 2017

Hi, I have filed the Oct month return today and liability was. CGST - 47582.00
SGST - 47582.00
and we have an ITC of Rs.126870.00.In this case how to calculate interest on delayed payment.

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8 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 13 December 2017

The ITC is which head...?

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subin (Fin Consulatantb) (34 Points)
Replied 13 December 2017

IGST .

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 13 December 2017

The ITC is IGST then you can adjust the amount to your output liability then why ll pay Interest... Ate you ask about GSTR 3B...? If yes are you filed the return or not...?

subin (Fin Consulatantb) (34 Points)
Replied 13 December 2017

yes sir, I adjusted and filed GSTR 3B for the month of October.But in November by default it's reflecting interest to be paid

venkateswararao (paid assistant) (132 Points)
Replied 14 December 2017

I think it is late fee of Rs50 per day from day of submit till date of filing

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 14 December 2017

Interest can't showing default in GSTR 3B return. You ll check it, it's late fee... If it's late fee then pay it and also you can get it waived... *After confirming pay it in challan under "FEE" head...