We have received material after 5 months from the date invoice, we have accounted and availed ITC, but we have paid after 2 months, nearly 7 months completed from the date of invoice, now our auditor request to pay the interest.
please guide me in the situation.
4 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 30 January 2019
Yes .... as per section 50CGST Act you are liable to pay interest.
Narayanan S
(96 Points)
Replied 30 January 2019
Thank you sir,
How to calculate the interest, from the date of invoice or from the date of ITC availed,
Where to show in the GSTR-3B return.
How to calculate the interest, from the date of invoice or from the date of ITC availed,
Where to show in the GSTR-3B return.
Jyothsna KAKILETI
(39 Points)
Replied 31 January 2019
The amount of ITC availed shall be added to the output tax liability in GSTR-3B.The amount of interest shall be calculated for the period starting from date of availing credit till the date when ITC added to output tax liability (ref-rule 37 of CGST ACT)
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