Dear Experts,
Interest u/s 50(1)on GST payment applicable or not?
If not applicable please provide the notification number
Thanks in advance
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Interest charged on delayed payments gst will apply or not
Replies (3)
As per notification no. 13/2017 interest will be charged on delayed payment of tax.
As per GST valuation rules
Interest charges on delayed payment includes GST, so to determine the GST amount, we need to do reverse calculation.
Interest charges on delayed payment includes GST, so to determine the GST amount, we need to do reverse calculation.
Vide notification no 13/2017 – Central Tax dated 28th June 2017, interest rate on late payment of GST under section 50 of CGST Act as below:
Interest on late payment of GST at 18% per annum.
if any person takes undue or excess claim of input tax credit (ITC) then person shall be liable to pay interest at 24% .
if any person takes undue or excess reduction in output tax liability then person shall be liable to pay interest at 24% .
interest at 18% or 24% P.A. on outstanding tax liability.
Interest on late payment of GST at 18% per annum.
if any person takes undue or excess claim of input tax credit (ITC) then person shall be liable to pay interest at 24% .
if any person takes undue or excess reduction in output tax liability then person shall be liable to pay interest at 24% .
interest at 18% or 24% P.A. on outstanding tax liability.
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