Interest Calculation u\/s 50 of CGST Act
Query (Issue) Started By: – PANKAJ KUMAR Dated:- 25-12-2018 Last Reply Date:- 27-12-2018 Goods and Services Tax – GST
Got 6 Replies
GST
Hi..
\nWe had liability for the month of July 2018 ₹ 50 Lakh and CENVAT of ₹ 45 Lakh, net liability comes to ₹ 5 lakh. my query is on which amount we have to pay interest u\/s 50 of CGST act.
\nWe have to pay interest on ₹ 50 Lakh as liability still not set off at the portal?
\nReply By KASTURI SETHI:
\nThe Reply:
\nYou are required to pay interest on RS.50 lakhs as Liability was not set off and not any amount was credited into Govt . Account.
\nReply By PAWAN KUMAR:
\nThe Reply:
\nrightly explained by kasturi sir. on total amount of rs. 50 l<\/p>\n
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