Rules for Interest Calculation
HANNAN SHAIK (291 Points)
07 January 2019
Sir, Is interest payable on Net of input tax credit or on total tax payable??? plz clarify..
6 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 January 2019
Query not cleared...
But, As per my assumption ...
Interest will be calculate on Outstanding Liability. It's mean
Output Tax (-) Input Tax = Liability...
Interest on Liability...
But, As per my assumption ...
Interest will be calculate on Outstanding Liability. It's mean
Output Tax (-) Input Tax = Liability...
Interest on Liability...
HANNAN SHAIK
(291 Points)
Replied 07 January 2019
Sir my query is I have liability of 10,000/- on October. Now in December I want to show this liability but I have input tax credit of 15500 now how much interest I have to pay??
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 January 2019
Ohh God...
What is Your actual Sales and Purchase on October...?
What is Your actual Sales and Purchase on December...?
Are You regular Dealer or Composition Dealer...?
If Regular dealer then Pay and File monthly mode for GSTR 3B and Payment also... 😇😇😇
What is Your actual Sales and Purchase on October...?
What is Your actual Sales and Purchase on December...?
Are You regular Dealer or Composition Dealer...?
If Regular dealer then Pay and File monthly mode for GSTR 3B and Payment also... 😇😇😇
CA Roopa Nayak
(Specialized in Indirect Taxes)
(6621 Points)
Replied 07 January 2019
As per proposed amendment, interest is to be paid on net tax[net of ITC]
pritesh
(CA Final student)
(7101 Points)
Replied 08 January 2019
internet to be paid on net tax liability
HANNAN SHAIK
(291 Points)
Replied 08 January 2019
Thank you so much... but any notification on interest to be paid on net of tax plz reply
Recent Topics
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
Related Threads
CAclubindia
