watch_later 1 month 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
No answers yet, if you know the answer help us.
Join the largest Taxation Q&A platform on internet and ASK YOUR OWN question.Ask your Question
You need to be logged in to answer.
Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.