Gst Interest

Mahesh auditor
watch_later 3 months ago

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

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