ICICI

Interest on debit note gst amount


sanjeev goski (AM Accounts & Finance)     20 November 2019

sanjeev goski
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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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Pankaj Rawat (GST Practitioner)     20 November 2019

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As per Section 50 of ,CGST yes interest is applicable @ 18% & that to be paid on Gross Liability.

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sanjeev goski (AM Accounts & Finance)     21 November 2019

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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?.

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RAJA P M ("Do the Right Thing...!!!")     21 November 2019

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No... No need to pay interest on the debit note amount...


But.,
Your query not cleared. elaborate with more details...

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sanjeev goski (AM Accounts & Finance)     21 November 2019

sanjeev goski
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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?.

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RAJA P M ("Do the Right Thing...!!!")     21 November 2019

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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.

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sanjeev goski (AM Accounts & Finance)     21 November 2019

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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?.

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RAJA P M ("Do the Right Thing...!!!")     21 November 2019

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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.

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sanjeev goski (AM Accounts & Finance)     21 November 2019

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Pls give section or rule reference.

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RAJA P M ("Do the Right Thing...!!!")     21 November 2019

RAJA P M
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No more specific rules and section...


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