GST on delay payment interest
Mahesh Vishwakarma (25 Points)
21 June 2018Party had paid interest without Gst (i.e. only interest amount less tds).
should i have to pay Gst with reverse calculation on received interest amount only?
kindly suggest
Mahesh Vishwakarma (25 Points)
21 June 2018
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 21 June 2018
Yes if the party is not paying the GST amount, you treat the basic amount as inclusive and discharge tax thereof.
Mahesh Vishwakarma
(25 Points)
Replied 21 June 2018
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 21 June 2018
You have already raised a debit note with basic amount 100+GST 18, but couldn't collect the GST amount form the party. Now you treat the basic amount as inclusive and discharge GST. Nowhere RCM is applicable.
Now my question is why you want to raise a debit note again?
Mahesh Vishwakarma
(25 Points)
Replied 21 June 2018
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 21 June 2018
Debit note is required to be raised. Total amount=amount paid by the party. Basic and GST figure, you back calculate and put.