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INTEREST ON GST

31 May 2019

i forgot to mention a bill liability in july 2017 which i showed in the month of sep 2018. what will be the interest to be paid.
and will i have to pay the tax in cash or it will be adjusted against itc

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3 Replies

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 31 May 2019

Interest to be paid @ 18% p.a.. Interest has to be paid in cash. Tax liability can be either adjusted with itc or pay in cash

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vishal dwivedi (hr) (33 Points)
Replied 31 May 2019

will the ininterest be calculated from 1 april 19 to till now because of the due date of that f.y. was 31 march 19

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 31 May 2019

Interest will be paid from due date of filing of july 2017 return to the date you filed your sep 2018 return. I dont remeber exactly but july 2017 return due date was extended by around two months.

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