If i forget to take one sale invoice Rs.100 on which output tax is Rs.18 in july return & now i want to take the invoice in aug & my ITC of aug is greater than output tax of aug including left out invoice of July.
Question is whether i have to pay interest on previous month left out invoice?
Sec 50 of Cgst doesn't say the amount on
which interest is to be calculated whether on Gross amount i.e output tax OR Net amount (after ITC).
Please comment.
You need to pay interest on Rs 18.
But, since interest will be minimal, no need to pay interest.
Put that liability in 3B & set off with ITC.
CAclubindia
