Gst tax 12 instead of 18

Dipesh Bhoi (55 Points)

26 March 2022

I apply gst rate 12% on rent income instead of 18% what to do process next

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7 Replies

Divyam Agarwal (Practicing Chartered Accountant) (959 Points)
Replied 26 March 2022

Issue debit note for the remaining tax amount.

Dipesh Bhoi (55 Points)
Replied 26 March 2022

Sir it's apply 18% from last year

Interests leviable?

And it's tax liability deduct from ITC?

i have 10 lakh ITC available

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 27 March 2022

Raise the invoice for balance amount and pay GST or adjust GST Liability against ITC

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Dipesh Bhoi (55 Points)
Replied 27 March 2022

Thank you sir tax payable amount interest leviable or not?

Arun Kumar (28 Points)
Replied 28 March 2022

U have ITC so interest is not Leviable

Dipesh Bhoi (55 Points)
Replied 28 March 2022

Thank you very much sir

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 28 March 2022

Interest is applicable for delay or short payment.

But it can be adjusted against ITC

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