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Interest on TDS under GST
If some TDS under GST was missed to be deducted in previous months and missed to be paid to Govt, then what's the Interest clause applicable to this situation??
Replies (2)
Interest Applicable on GST Late Payment. Interest at the rate of 18% per annum will be applicable for GST late payment. In case it is determined that the taxpayer misstated output tax liability in the GST return, then interest at the rate of 24% would be applicable.
18% on late payment
24% in wrong itc or excess ITC claimed
24% in wrong itc or excess ITC claimed
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