Interest

This query is : Resolved

JAINUDIN M LAXMIDHAR (Querist)
Follow

01 November 2018 WE HAVE PURCHASED GOODS SPECIFIED IN SEC.9(3) ON WHICH RCM IS PAYABLE IN SEPT-17. OUTPUT GST IS LESS THAN INPUT CREDIT AND DUE TO RCM WE HAVE TO PAY IN CASH LEDGER, NOW THE SEPT-17 RETURN FILLED IN DEC-17. ARE WE LIABLE TO PAY INTEREST ON LATE PAYMENT OF RCM BY TWO MONTHS ? WHEN ITC CREDIT IS MORE THAN RCM AMOUNT PAYABLE.FOR THE MONTH OF SEPT-17?
PLEASE REPLY WITH SECTION OR RULE NUMBER

Rajnish Singh

Rajnish Singh (Expert)
Follow

01 November 2018 rcm liability has to pay in cash. It can not be adjusted with available input credit. so if you are delayed to file the return than you have to deposit interest for said delayed period.