I am liable to pay tax under RCM but I didn't pay the same on due date.
what will be consequences ????
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reverse charge
Replies (6)
Now consider in your 3B and pay with Interest.
you should the amount next Month along with interest @ 18%PA
interest should be 24% ???
Interest will be applicable at the rate of 18% if the payment is not done within the due date
A rate of 24% interest will be applicable in the case when a taxpayer claims excess of input tax credit or makes a reduction in the output tax liability
A rate of 24% interest will be applicable in the case when a taxpayer claims excess of input tax credit or makes a reduction in the output tax liability
18% u/s 50(1) of cgst act
ok thank you dur
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