Dear Sir,
Do we need to pay Interest on debit note gst amount cause we are paying gst lately?. Pls give section or rule reference.
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Interest on debit note gst amount
Replies (13)
As per Section 50 of ,CGST yes interest is applicable @ 18% & that to be paid on Gross Liability.
Mean inv is of apr and debit note raised in dec, then we need to pay interest from apr to dec period on debit note gst amt?.
No... No need to pay interest on the debit note amount...
But.,
Your query not cleared. elaborate with more details...
But.,
Your query not cleared. elaborate with more details...
We are raising debit note with gst in dec for apr month inv due to rate fluctuation. do we need to pay interest on debit note gst amt as debit note relates to apr month inv and paid in dec month?.
No need...
You can (also your supplier as credit note) issue the April month related debit note (Credit note by supplier) on or September month in next FY.
So, no need to pay interest for the debit note tax which reverse in ITC.
You can (also your supplier as credit note) issue the April month related debit note (Credit note by supplier) on or September month in next FY.
So, no need to pay interest for the debit note tax which reverse in ITC.
We are supplier and raised debit with gst om customer against apr month inv. do we need to pay interest on debit note gst amt?.
| Originally posted by : sanjeev goski | ||
 |
We are supplier and raised debit with gst om customer against apr month inv. do we need to pay interest on debit note gst amt?. |  |
No need...
in case If you amend the Invoice then YES interest will be payable.
Pls give section or rule reference.
No more specific rules and section...
Dear Sanjeev
What do you mean by "Rate fluctuation" ...... If it means ie instead of 18% you charged 12% , then you are liable Pay interest .
if ,we read Section 50 of CGST it's clearly states that " Every person who is liable to pay tax in accordance with PROVISION OF THIS ACT but fails to pay "
so you have not paid the tax to Govt as per provision of Act or short paid , hence liable to pay interest @ 18%
Rate change is of material. not of gst. ours is auto sector. fg rates changes as per rm prices time to time. hence we hv to raise debit note periodically. it is not know at invoice tome. still need to pay interest on debit note gst amt. sec 50 of cgst says fails to pay tax or part of it.
| Originally posted by : sanjeev goski | ||
|
Rate change is of material. not of gst. ours is auto sector. fg rates changes as per rm prices time to time. hence we hv to raise debit note periodically. it is not know at invoice tome. still need to pay interest on debit note gst amt. sec 50 of cgst says fails to pay tax or part of it. | |
pay tax or part of it
Based On Tax Invoices and the Periods of returns, Payments, Inputs these all are as per dates/Months....
-->> Otherwise if You will pay interest then It's Your own interests...
-->> GOOD LUCK <<--
What is correct then?.
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