I have pending liability of 500000 to be paid in 2017.. also i have excess input amount of 400000 from 2017 to till date.So my question is do i have to pay interest on 500000 or 100000 (500000-400000).
i have showed liability in gstr 1 of 2017 but forget to show in gstr3b of 2017.
pls advice and also quote section number- or circular if any..
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Interest on Gst liabilty
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YOU HAVE TO PAID THE GST LIABILITY ALONG WITH INTEREST @ 18% ON 500000 RS AND REVERSE THE ITC ALONG WITH INTEREST @ 24%
| Particulars | Interest |
| Tax paid after due date | 18% p.a. |
| Excess ITC Claimed or excess reduction in Output Tax | 24% p.a. |
The Interest has to be calculated from the next day on which tax was due.
under which section of gst interest @ 18%from next day of due is to be pay
Interests to be paid on gross liability .
- As per section 42(10) of CGST Act deals with contravention of provisions for matching the claims for “Input tax credit” by a recipient. As per section 50(3) if there has been any undue or excess claim of input tax credit then interest at the rate of 24% would be applicable.
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