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What is the interest on late payment of GST? - Latest interest rate on late payment of GST under section 50 of CGST Act with calculation/example - Hire CA : Knowledgebase
By warning number 13/2017, the administration has informed the enthusiasm on late installment of GST at18% per annum. Further, if any individual takes undue or overabundance claim of info charge credit (ITC) at that point individual should be at risk to pay enthusiasm at 24% rather than 18%.
The loan cost is to be charged level for each of the citizen and there is no concession notwithstanding for little citizens. Consequently, it is smarter to pay assess on time to stay away from any installment enthusiasm of 18%.
What is the due date of installment of GST?
For a typical citizen, the due date of installment of assessment is prior to twentieth of the following month. E.g. Risk of April month is to be paid by twentieth of May.
Enthusiasm on postponed installment of assessment – Section 50 of CGST Explained
Each individual who is at risk to pay assess under GST neglects to pay the expense or any part thereof to the Government inside the due date; he might pay, all alone, enthusiasm at eighteen for every penny for each annum on remarkable duty obligation.
Further, the intrigue should be ascertained from the day succeeding the day on which such assessment was expected to be paid
Computation generally enthusiasm on GST with case
ABC ltd requirements to pay the GST of Rs.10 lakh prior to twentieth May, 2018. Be that as it may, it just figures out how to pay the assessment on twentieth June, 2018. If you don't mind ascertain the Interest on assess which is to be paid.
To ascertain the right intrigue we require the accompanying:
Loan fee (18% according to segment 50)
No. of days default (31 days, we should not tally twentieth may)
Exceptional expense (Which is Rs.10 lakh)
Henceforth, enthusiasm on late installment of expense will be Rs.15,287/ - (10 lakh*18%*31/365).
Enthusiasm on undue or wrong claim of Input Tax Credit (ITC) under GST
An assessable individual who makes an
undue or overabundance claim of info assess credit
or, on the other hand undue or abundance diminishment in yield assess obligation
might pay enthusiasm at twenty-four for every penny.
