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Interest relating to payment in DRC 03
Sir I have to make payment through DRC 03 for wrong availment of ITC For F.Y. 2017-18 of about 7308 in CGST and same in SGST and Balance in Cash ledger of CGST is 100000 and that of in SGST 3208 so could you please describe the amount payable on behalf of interest for this 2.5 year on what rate and what amount ?
Replies (6)
24% of amount
Thanks but What would be the amount could you please describe ?
Calculate interest as following way
Interest on CGST Rs 7308 = 7308 * 24% / 365 * no of delayed days...
Also the same way to SGST...
Interest on CGST Rs 7308 = 7308 * 24% / 365 * no of delayed days...
Also the same way to SGST...
I am in doubt whether it would be on 7308 or on 7308-7308 as it is already available in cash ledger in CGST and in SGST @ 7308-3208 as it is available in credit ledger
@ Mr Kishan.,
Available balance in Cash & Credit ledger is not a matter...
Payable liability as per Your set off via adjust. Calculate interest as per above formula and pay/set off required balances...
Available balance in Cash & Credit ledger is not a matter...
Payable liability as per Your set off via adjust. Calculate interest as per above formula and pay/set off required balances...
i claimed itc in year 2019-20 & party doesn't paid the tax, so i want to paid it through drc-03, if i want calculate interest how i do this...?
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