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 Threads
- Form 16 format
- 17(5) Blocked ITC
- Transfer of equity shares to original owner
- Login credentials and payment acknowledgement not
- Export sales not realised payment not received fro
- Capital gain account amount utilisation
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
Related Threads
CAclubindia
