RCM interest
HANNAN SHAIK (291 Points)
23 January 2019
Delay in payment of RCM attracts interest ?? plz respond...
9 Replies
Trex Gaming_67
(243 Points)
Replied 25 January 2019
Guys, i think it doesn't attract 18% interest. [2nd proviso of sec 16(2) ] pls clarify.
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 25 January 2019
@ Trek Gaming_67: 2nd proviso of section 16(2) is applicable for payments to be made to Supplier. The 180 days payment condition would not apply to him as the tax is being paid by the recipient himself.
Mr. Shaik question is understood to be a delay of payment of GST liability under RCM to the government. Here interest is liable.
sujata pattnaik
(accountant)
(22 Points)
Replied 15 May 2019
THE INTEREST OF 18% ON DELAY PAYMENT OF RCM CALCULATED FROM WHICH DATE.
WHETHER FROM THE DATE OF FILING OF GSTR-3B OR FROM THE DATE OF INVOICE DATE.
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