watch_later 3 months ago
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
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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