Hi, I had a query related to payment of interest
Amount in electronic credit ledger is 70000/-
output tax liability is 120000/-
assessee did not pay the output tax with in due date
so on which amount interest will be calculated? whether on 50000/- which is liability or 120000/-
Anticipating a quick reply
Thanks in advance
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Interest on delay in payment of gst
Replies (4)
In Rs. 50000/-.
On output tax liability (Rs 120000 * 18% / 365 * no if delayed days)
After the utilizing the itc the payable amount divided by 365 into number of day's into 18℅
You need to pay interest on Gross Liability or 12 lacs
As interest on Net LIABILITY being inserted in Section 50 by Finance (No 2) Act 2019, but not being Effective till date
As interest on Net LIABILITY being inserted in Section 50 by Finance (No 2) Act 2019, but not being Effective till date
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