watch_later 16/02/19

Dear Sir 

Section 50 - Interest on delayed payment of tax of CGST ACT,  how to calculate interest for example mentioned in below.

Example-1 For the month of July Return filling Due Date 20th Aug But We Filed 24th of Aug

Sales Rs 100000-00 CGST Rs 18000.00 & SGST Rs. 18000.00 

Purchase Rs 80000-00 CGST Rs. 14400.00 & SGST Rs. 14400.00

Tax Calculation 

Sales Out Put CGST Rs 18000.00  & SGST Rs. 18000.00

Less: Input CGST  Rs: 14400.00  & SGST Rs. 14400.00 

Tax Payable CGST Rs 3600.00 & SGST Rs 3600.00

1. Interest Calculation

CGST Rs 3600.00X18%PA*4Days  = Rs 7.10

SGST Rs 3600.00X18%PA*4Days  = Rs 7.10

2. Another Interest Calculation  

CGST Output  Rs 18000.00X18%PA*4Days = 35.50

SGST Output  Rs 18000.00X18%PA*4Days = 35.50

The above mentioned Interest Calculation what is the correct calculation in GST ACT

No replies yet. Join the discussion. Reply

Sign up to discuss taxation, accounting and finance topics with experts from all over India.

Join Discussion