Dear All,
pl provide with examples for how to calculate 180 days non payment gst reversal with intrest.
You need to reverse the credit, if you have taken, on 181th Day if you dont pay your supplier with in 180 days from date of Invoice.
If you miss to reverse on 181th Day than from date 181th day to till the date of reversal you need to pay interest.
Invoice date+180 days = due date for making payment, If not paid reverse the credit. If not reversed on due date calculate intererst from due date to till the date of reversal.
CAclubindia
