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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

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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.