Tax rate on interest charged on late payment

Rate / HSN codes 256 views 2 replies

Mr. X sold goods to Mr. Y on Jun-18 

Product A 1,00,000 + Gst Rate 5 %

Product B 50,000+ Gst Rate 12 %

Product C 2,00,000 Gst Rate 18 %

Due date of Payment July-18 of Rs. 397,000/- of Total Invoice

But Actual date of Payment has Sep-18 With Interest Amt Rs. 12000/-

So Please tell me Whats Rate apply in Interest Amount

 

Thanks With Regards

Ravi SADhiyan

Replies (2)
If details and payment is adjusted for June Return only then it is 18%p.a.

If other than June Return then 24%p.a.

18% Interest, when Late Payment of Tax

24 % Interest When you take more input,


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