Interest on gst payment

This query is : Resolved

MAKARAND DAMLE (Querist)
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18 June 2019 What is the rate of interest payable on gst on the liability determined in terms of GSTR 9C

for Short payment of GST
for reversal of GST Input Credit
For reversal of GST input credit in terms of turnover on which GST input credit is not available with annual turnover

Thanks in advance for reply

CA Anita Bhadra

CA Anita Bhadra (Expert)
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19 June 2019 Rate of interest payable on GST Liabililty is

24% p.a if excess ITC Claimed or excess reduction in Output Tax
18% p.a in case , Tax paid after due date