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
Aditi Kaur (Practising CA) 1 September 2020
CCI Online Learning offers a library of courses for CA/CS/CMA Aspirants from the best faculties in India. Our top notch courses aim to make your journey from a student to a professional, a successful one. To promise a successful career as a professional CCI Online Learning also offers programs like Financial Modeling, MS Excel, IFRS/IND AS Certification Courses that will help you take your career to the next level. Check out the free demo videos here https://www.caclubindia.com/coaching/
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