Kindly clarify...
We have claimed some GST input in the past. Now we are reversing the same. Should I compute Interest on reversal on GST input on cumulative basis month on month based on what was excess or short claimed or on flat on amount of GST input reversed...
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Interest Computation on GST input reversal...
Replies (5)
month wise........ @ 24% p.a...
18% interest rate is applicable
18% interest should be paid while reversal and it should be calculated month on month basis considering the excess days from due date.
according to me 24%
Now I got a doubt....
Actually how much it is ???????
24% or 18% ????
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