Home Forum Goods and Services Tax - GST Month 7 2022 2022 (7) This
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Calculation under Rule 42 - Goods and Services Tax - GSTExtract Sir/madam, A transporter is supplying taxable as well as exempted supplies and also reversing ITC in monthly 3B returns as per the ration of exempted and taxable supplies for the month. In a whole year, party has reversed Rs. 8 lakh. Now department has taken up the issue and calculation done on yearly basis, they directed the party to pay Rs. 52 lacs more. The method of calculation is same, the difference is monthly and yearly. Rule 42 also says to calculate at the end of year. Please guide how the interest will be calculated. Total 60 lakh to be paid . In some months ITC availed only Rs. 1 lakh but in some months it is about Rs. 20 lakh. can we take average amount 60/11=5 lakh per month for interest calculation? or interest and penalty can be avoided ?
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