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Interest on delayed payment of GST
if an assessee paid gst after due date, then interest is calculated whether taxable amount or otherwise the taxable amount after claimed ITC Amount?. please give your valuable reply.
Replies (8)
Interest shall be calculated @ 18% p.a after the due date of filling monthly return Gstr 3b upto date of actual payment. Interest shall be calculated on taxable amount
mr Sushant Kumar,
I hope you are going wrong, so the as -
interest will be calculated as follows
outward Tax - Input Tax credit = Tax Payable
on Tax payable you have to calculate the interest @ 18% for the days you are late formula is :
Tax Payable * no of days late / 365 * 18%
I hope you are going wrong, so the as -
interest will be calculated as follows
outward Tax - Input Tax credit = Tax Payable
on Tax payable you have to calculate the interest @ 18% for the days you are late formula is :
Tax Payable * no of days late / 365 * 18%
Interest shall be calculated in Net Tax payable amount.
yes sir interest will payable on net tax payable as given in previous calculation
Interest shall be levied @ 18% on NET tax liability, i.e. the amount of GST which has been paid thru Electronic Cash ledger, if supplies made during a tax period have been declared in return for said period, but furnished after the due date.
mr v hajib,
it doesnt means only cash ledger I have said net tax liability. then if you pay via credit ledgers or cash ledger it doesn't matters
you have to calculate interest on net tax liability.
it doesnt means only cash ledger I have said net tax liability. then if you pay via credit ledgers or cash ledger it doesn't matters
you have to calculate interest on net tax liability.
Interest to be calculated on Net tax liability.
After Megha engineering and infra case of Telangana., govt has introduced proviso under section 50 in fin bill 2019 to give effect that interest to be paid on Net.
After Megha engineering and infra case of Telangana., govt has introduced proviso under section 50 in fin bill 2019 to give effect that interest to be paid on Net.
So if your ITC balance is more than your payment liability, then no interest will be paid ??We can set of the late payment of tax fully with ITC balance (if we have so )
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