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Interest on debit note gst amount


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Pankaj Rawat (GST Practitioner)     23 November 2019

Pankaj Rawat
GST Practitioner 
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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%
 

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sanjeev goski (AM Accounts & Finance)     23 November 2019

sanjeev goski
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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.

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RAJA P M ("Do the Right Thing...!!!")     23 November 2019

RAJA P M
"Do the Right Thing...!!!" 
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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 <<--

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sanjeev goski (AM Accounts & Finance)     24 November 2019

sanjeev goski
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What is correct then?.


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