Tax rate on interest charged on late payment

280 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,

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details