17 September 2020
Dear Experts, we have taken ITC in Dec-2019 GSTR 3B as per below :- Output : IGST @18% = 285260/- Less : Input : CGST@18% = 113126/- SGST@18% = 113126/- And we have paid balance payment through cash ledger. Now due to Covid-19 & crisis of funds, we have not made the payment to this dealer till today. And we have to reversed GST with interest in Aug-20 GSTR-3B.
1) Kindly suggest us which GST we have to reversed either IGST or CGST + SGST. 2) Interest Rate? Is the interest period start after 180 days. i.e. if we delay by 195 days. we have to pay interest for 15 days.
I am not clear & confused about the above facts. Kindly suggest me what will the remedy.
18 September 2020
1. PERIOD OF 180 DAYS IS TO BE CALCULATED FROM THE DATE OF CONCERNED INVOICE(S). 2. CREDIT TO BE REVERSED UNDER THE SAME HEAD UNDER WHICH IT WAS AVAILED. 3. INTEREST IS TO BE CALCULATED FROM THE DATE OF AVAILING ITC ( 20TH jAN 2020 IN YOUR CASE) TILL THE CREDIT IS REVERSED IN GSTR3B. 4. THE RATE OF INTEREST WILL BE 18%. 5. YOUR CASE WILL ALSO FALL WITHIN THE RELAXATIONS GIVEN BY THE GOVT DUE TO COVID-19. THAT MEANS YOU CAN TAKE ADVANTAGE OF EXTENDED PERIOD WHILE CALCULATING THE PERIOD OF 180 DAYS FROM THE DATE OF INVOICES.PLEASE CHECK ON THIS.
CAclubindia
