We have filed GST return for the month of August, 2018 on 28.09.18, with interest payment for 8 days.
My question is if my total GST liability Rs. 200000 after avail of ITC of Rs. 100000. Which amount taken for interest calculation 300000 or 200000
6 Replies
madan mohan
(Accounts)
(140 Points)
Replied 29 September 2018
you are liable to pay late fees rs 50 per day (other then nil return)
Jatin
(Accountant)
(3479 Points)
Replied 29 September 2018
My question is related to interest calculation
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 29 September 2018
Interest at the rate of 18 per per annum will be applicable on GST liability of Rs. 200000/-
Vinod Babu
(24196 Points)
Replied 29 September 2018
Yes, interest @ 18% p.a applicable on liability of Rs 200000.
Jatin
(Accountant)
(3479 Points)
Replied 29 September 2018
Thank you very much for Mr. Sunil & Vinod Ji,
But Sir, some experts advise to calculate Interest on Rs. 300000 before ITC adjustment as per section 50 of CGST Act
I not understand section 50 of CGST Act
But Sir, some experts advise to calculate Interest on Rs. 300000 before ITC adjustment as per section 50 of CGST Act
I not understand section 50 of CGST Act
Vinod Babu
(24196 Points)
Replied 30 September 2018
Interest payable on gst payable amount not on output gst collected.
Recent Topics
- Taxability of gift to wife
- ITR AY 2025-26 AY
- Gold metal on lease to father properiotership fi
- Professional Tax for Branch Offices
- Advance Tax for Individual/Prorietor
- How to claim refund for a 26QB challan with status
- Gold metal depsoit of near one
- Which ITR form to fill for FY 24 - 25
- How to Convert into Percentage?
- TDS remitted shows wrong amount in 26AS
Related Threads
Trending Online Classes
-
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CA Vishal Zawar14 June 2025 -
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
