We purchased machinery from Germany on FY 19-20 25 Sept 2019 from an import supplier & same year taken IGST Amount Rs.4800000 benefit but payment made to supplier in FY 19-20 Sept 2019 40% Oct 21 30% Oct 22 30% as per PO terms.
in that case can we pay interest on the GST amount under late payment to Govt.(over 180 Days)
You imported machinery from Germany in September 2019 and availed IGST credit of Rs. 4,800,000.
To calculate the interest, you need to determine the period of delay:
2. Determine the amount of IGST credit availed (Rs. 4,800,000).
3. Calculate the interest rate applicable (currently 18% per annum).
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