If gst payment delayed to 10 days & actual tax arrived as
CGST- 1000
IGST- 500
SGST-100
Then how to claculate interest in cgst,igst & sgst?
& how to pay in form 3b ?
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Interest on Late GST payment
Replies (5)
Interest payable on output tax liability.
So, Better to calculate interest @ 18%p.a in your tax liability...
So, Better to calculate interest @ 18%p.a in your tax liability...
but cgst & sgst amout is different which is not allowed in form 3b
I said that You must pay on your outward Tax values...
For ex if Your Sales as
Taxable value Rs. 100000
Output Tax Rs. 18000
Input Tax Rs. 10000 then Tax liability Rs. 8000
Interest payable on 18000 @ 18%p.a.
For ex if Your Sales as
Taxable value Rs. 100000
Output Tax Rs. 18000
Input Tax Rs. 10000 then Tax liability Rs. 8000
Interest payable on 18000 @ 18%p.a.
You mean to say interest to be calculated on before set off of input tax credit ??
Yes...
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