We have received material after 5 months from the date invoice, we have accounted and availed ITC, but we have paid after 2 months, nearly 7 months completed from the date of invoice, now our auditor request to pay the interest.
please guide me in the situation.
Menu
ITC availed but payment after 180 from the date of invoice
Replies (4)
Yes .... as per section 50CGST Act you are liable to pay interest.
Thank you sir,
How to calculate the interest, from the date of invoice or from the date of ITC availed,
Where to show in the GSTR-3B return.
How to calculate the interest, from the date of invoice or from the date of ITC availed,
Where to show in the GSTR-3B return.
The amount of ITC availed shall be added to the output tax liability in GSTR-3B.The amount of interest shall be calculated for the period starting from date of availing credit till the date when ITC added to output tax liability (ref-rule 37 of CGST ACT)
Thank you sir .
Recent Topic
- LTCG on unlisted foreign shares acquired in inheri
- SBI Funds Management IPO Allotment on July 17: Lis
- PF Final settlement shown in Salary Form 16 FY 26-
- ITR3 online utility: Part B TTI is populating fiel
- Sale of rural agriculture land
- How to show Capital Gain on gifted property
- TIS Glitch Alert : inflated summary
- IT returns of partners
- Challan status in Payment Failed but amount deduct
- Sec 54 exemption
Related Topics
CAclubindia
