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Rules for Interest Calculation

HANNAN SHAIK (292 Points)

07 January 2019

Sir, Is interest payable on Net of input tax credit or on total tax payable??? plz clarify..

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 07 January 2019

Query not cleared...
But, As per my assumption ...

Interest will be calculate on Outstanding Liability. It's mean

Output Tax (-) Input Tax = Liability...
Interest on Liability...

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HANNAN SHAIK (292 Points)
Replied 07 January 2019

Sir my query is I have liability of 10,000/- on October. Now in December I want to show this liability but I have input tax credit of 15500 now how much interest I have to pay??

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 07 January 2019

Ohh God...

What is Your actual Sales and Purchase on October...?

What is Your actual Sales and Purchase on December...?

Are You regular Dealer or Composition Dealer...?

If Regular dealer then Pay and File monthly mode for GSTR 3B and Payment also... 😇😇😇