Eshu (Accountant) 20 July 2018
1. I want to know that what is the interest rate on ITC recersal on non-payment to creditors with in 180 days. 18% or 24% p.a.
2. In GSTR-3B where i can put ITC revrsal amt. of creditors in B-1 Rule 42 & 43 column or B-2 Others
3. If interest rate is 18% then how i can calculate interest 1.5% per month or 18% or 18% in 365 days.
Thanks in Advance
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
Akhil Rajeev Reddy (Article Assistant) 20 July 2018
The rate of Interest is 18%, however, the proposed amendments issued by the Govt. to GST law removed the interest element on the non-payment to the vendor within 180 days. But the proposed amendment will be issued in the next GST council meeting i.e. 21/07/2018 and we need to see whether the same is implemented or not