Interest Calculated.jpg

Interest Calculated 2.jpg

 

  1. Courses
  2. Free GST Certification Course

Transcript

How is Interest Calculated Return for Jan Due Date 20 Feb Return Filed on 26 Feb Number of Days Late = 6 1 Jan 31 Jan 20 feb 26 feb Interest Calculated @ 18% p.a. Interest =Tax*18%*6/365 Which Tax? Output or GST Payable Example Output Input GST Payable No of Days Late 50000 40000 10000 6 Earlier Interest Calculated on 50000 50000*18%*6/365 Now Interest Calculated on 10000 10000*18%*6/365 Retrospective Amendment by GST Department Example

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.