Interest doubt

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student
108 Points Posted on 28 June 2020
Gst input not reduced for purchase discounts.Will this attract any interest,if yes whether 18% or 24%?
And also for this payment of Interest should I pay through DRC-03 or whether should I pay this interest while filing March return?
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On 28 June 2020 at 13:36 Report
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Quick Summary
This discussion clarifies GST implications for purchase discounts where input tax credit (ITC) hasn't been reduced. It addresses whether this attracts interest, the applicable rates (18% or 24%), and the correct procedure for payment. The consensus is to pay interest at 18% while filing the March return, or in April if the input is insufficient in March.

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59 Points Posted on 28 June 2020
Interest is payablw @ 18 %
Pay this Interest while filling March Return.
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On 28 June 2020 at 14:21
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241 Points Posted on 28 June 2020
Intt @ 18 percent
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On 28 June 2020 at 15:51
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student
108 Points Posted on 28 June 2020
Ok tq both
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On 28 June 2020 at 15:57
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Lxmi nagar delhi
35 Points Posted on 30 June 2020
Interest rate is 24% in case of excess claim of itc as per section 50(1)
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On 30 June 2020 at 19:50
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student
108 Points Posted on 30 June 2020
What if there is no sufficient input in march how can we reduce the input of purchase discounts that is not reduced
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On 30 June 2020 at 20:46
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59 Points Posted on 30 June 2020
Reduce in april
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On 30 June 2020 at 22:02
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student
108 Points Posted on 30 June 2020
Ok should I pay interest also in april
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On 30 June 2020 at 22:40
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59 Points Posted on 01 July 2020
Yes pay interest in april.
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On 01 July 2020 at 10:02

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