Interest rate on RCM
santwana gautam (41 Points)
08 February 2022
The audit officer reported 24%interst rate on RCM basis purchase.Is it 18%.Plz clarify
2 Replies
CA Sanchi Saraf, Nagpur(India)
(Chartered Accountant)
(48 Points)
Replied 08 February 2022
Interest will be applicable at 18% if the payment is not done within the due date. It will applicable at 24% assessee claims excess of input tax credit or makes a reduction in the output tax liability.
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 09 February 2022
It is 18%. It has been proposed in the finance bill to reduce interest rate to 18%
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