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Interest rate on RCM
The audit officer reported 24%interst rate on RCM basis purchase.Is it 18%.Plz clarify
Replies (2)
Interest will be applicable at 18% if the payment is not done within the due date. It will applicable at 24% assessee claims excess of input tax credit or makes a reduction in the output tax liability.
It is 18%. It has been proposed in the finance bill to reduce interest rate to 18%
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