ITC Reversal delayed payment.
Nitin (accountant) (450 Points)
20 October 2024in that case can we pay interest on the GST amount under late payment to Govt.(over 180 Days)
Nitin (accountant) (450 Points)
20 October 2024
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8565 Points)
Replied 20 October 2024
You imported machinery from Germany in September 2019 and availed IGST credit of Rs. 4,800,000.
To calculate the interest, you need to determine the period of delay:
2. Determine the amount of IGST credit availed (Rs. 4,800,000).
3. Calculate the interest rate applicable (currently 18% per annum).
Nitin
(accountant)
(450 Points)
Replied 20 October 2024
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools