I have pending liability of 500000 to be paid in 2017.. also i have excess input amount of 400000 from 2017 to till date.So my question is do i have to pay interest on 500000 or 100000 (500000-400000).
i have showed liability in gstr 1 of 2017 but forget to show in gstr3b of 2017.
pls advice and also quote section number- or circular if any..
YOU HAVE TO PAID THE GST LIABILITY ALONG WITH INTEREST @ 18% ON 500000 RS AND REVERSE THE ITC ALONG WITH INTEREST @ 24%
| Particulars | Interest |
| Tax paid after due date | 18% p.a. |
| Excess ITC Claimed or excess reduction in Output Tax | 24% p.a. |
The Interest has to be calculated from the next day on which tax was due.
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