Interest related
Query (Issue) Started By: – Ramesh Prajapati Dated:- 21-9-2018 Last Reply Date:- 10-10-2018 Goods and Services Tax – GST
Got 10 Replies
GST
Sir,
\nA dealer has submitted gstr 3b of July 17 with following detalis.
\nOutput gst 100000
\nItc 80000
\nNet gst paid 20000
\nLater he rectified above data in December 17 gstr 3b as under
\nOutput tax 250000
\nItc 150000 (
\nNet gst 100000(itc adjusted from credit ledger)
\nMy question is on which amount interest would be payable
\n250000, 100000 or other?
\nMy dout.. As dealer has adjusted itc in December, he would liable to pay interest on entire amount of output i. E 250000 from August to December
\nPl guide
\nReply By SHIVKUMAR SHARMA:
\nThe Reply:
\nInterest is to be payable on<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he Return "for the month" in which it is filed = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Interest related Query (Issue) Started By: – Ramesh Prajapati Dated:- 21-9-2018 Last Reply Date:- 10-10-2018 Goods and Services Tax – GSTGot 10 RepliesGSTSir, A dealer has submitted gstr 3b of July 17 with following detalis. Output gst 100000 Itc 80000 Net gst paid 20000 Later he rectified above data in December 17 gstr 3b as … Continue reading “Interest related”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13900","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/13900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13900"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/13900\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nAs the Additional ITC (Rs.70000\/-) is not claimed in the Returns for the Month of August, same will not be considered as ITC in August.
\nHowever As per Sec 18(5), ITC Will not be available in case Invoice is more than 1 year Old. Assuming that you have not filed Return for Aug-2018, you can take input
\nHowever if the Returns for Aug-2018 is filed without considering the Input then you will not be eligible for the ITC Of ₹ 70000\/-
\nReply By SHIVKUMAR SHARMA:
\nThe Reply:
\nShri Yash Jain Ji
\nThe Querist have made the Payment of Tax in Dec.2017 not In Dec.2018
\nReply By Ramesh Prajapati:
\nThe Reply:
\nThank you sir!
\nReply By DR.MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nInterest is to be p<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n