Dear All,
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
Regards
Eshu Kumar
PANIPAT
1. 18%
2. Others
3. By taking 365 days in a year
Sir,
Are you sure that interest rate 18% is on creditors also because someone tells me it should be 24% on creditors.
Regards
Eshu Kumar
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
sir, i have putted a double time itc of Rs.7125 in both the month of aug and september how can i reverse it? whether i need to pay interest on reversing please help.
CAclubindia
