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
Menu
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
Recent Topic
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
Related Topics
CAclubindia
