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Interest query

99 views 2 replies

Vinay Vallalatla

134 Points Joined October 2017

while paying interest on Gst,
interest to be calculated before claiming ITC or without claiming ITC.

Replies (2)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Interest will be payable on Outstanding Tax Liability...

(a) Outward Tax (-) (b) ITC = (c) Payable Tax.

(a) Rs. 1000 (-) (b)Rs.800 = (c)Rs.200

as per above example You are not paid the Rs 200 on or before due date then You ll pay the amount with interest on Rs. 200 + interest...
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