Regarding gst payable clarification

This query is : Open

anil kr. sharma (Querist)
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31 October 2017 Dear Sir,
I have a query regarding GST payable clarification for the month of July'2017. I have successfully submitted & Filed GSTR-3B for July'2017 month, when I filed GSTR-3B my Input credit was excess and all liabilities was adjusted with Input credits. There was some invoices are missed to be recorded for july month and Liability arises for CGST, SGST & IGST. I have filed GSTR-1 & About to File GSTR-2. Can you please explain me, Is there any interest to be pay with tax liabilities, If yes how to calculate interest. Please explain with imaginary figures.

Thanks & Regards

Udaya Chandran

Udaya Chandran (Expert)
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31 October 2017 Interest @ 18% p.a. calculated on number days of delay. Say, 1000 x 18% x 90/365 days = 44

RAJA P M

RAJA P M (Expert)
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31 October 2017 Yes....
You ll be pay interest for the liability....

You ll calculate as following....
(July' payment Date is August 20th)

Tax Liability (X) 18% ( / ) 365 ( X ) No. of delayed days....

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anil kr. sharma

anil kr. sharma (Querist)
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01 November 2017 Thanks, Sir... I have deposited the liability amount in the cash ledger and It is showing in cash ledger balance. Can you explain me how to pay against July-2017.

RAJA P M

RAJA P M (Expert)
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01 November 2017 You just caculate Interest on your balance liability and pay with Challan. Also when you file GSTR 3 at the time you ll offset the liability and Interest as per your actual transactions...

>>> GOOD LUCK <<<

anil kr. sharma

anil kr. sharma (Querist)
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01 November 2017 Ok Sir, I have to debit now the whole liability with interest from cash ledger for july month .... ???

RAJA P M

RAJA P M (Expert)
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01 November 2017 Can't understand...
You ll post your July Transactions with payments and Adjustments...

anil kr. sharma

anil kr. sharma (Querist)
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01 November 2017 Actually Sir, I am asking about I have to just deposit through challan or Debit it also in cash ledger A/c, If yes how to debit.

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RAJA P M

RAJA P M (Expert)
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01 November 2017 You are filed your GSTR 3B for the month of July...

SO, Wait on GSTR 3 filing then You ll Off set before filing GSTR 3. You have specific column...
Now you just wait simply...

anil kr. sharma

anil kr. sharma (Querist)
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01 November 2017 Ok Sir, Thank You Very Much for your precious time.

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RAJA P M

RAJA P M (Expert)
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01 November 2017 You are Most Welcome Dear... GOOD LUCK