Interest calculation sec-50

please tell us how to calculate interest
Replies (4)
Quick Summary
This discussion clarifies the calculation of interest under Section 50 of the GST Act. It explains that interest for late payment is charged at 18% per annum on the net amount payable (after deducting eligible ITC). For excess claimed ITC, the interest rate is 24% per annum. The calculation formula provided is: Interest = (Payable Amount) x (Rate of Interest) / 365 x (Number of Delayed Days).

For Non Payment interest @ 18% &
For Excess claimed ITC interest @ 24%...

Interest = payable amount (X) 18% or 24% (/) 365 (X) no of delayed days...
Useless reply....

For sec 50:

Interest is to be calculated on Net amount i.e., after deducting the ITC. 

Interest @ 18% per annum to be paid for delayed period - late payment 

 

Thank You for the professional feedback and not a LAYMAN reply Mr Sabyasachi Mukherjee...

But,

I give You permission for replying to the query...

Give Your reply to the query... I'll try to learn from Your reply...

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