Mr Aakash, a CA provide audit service to a trust. He has not charged gst but the department find out the same during audit.What will be gst liability if the Audit fee charged Was 75000?

Reply-You can deem that the fees charged is inclusive of gst. So, the tax amount can be determined as follows:-Tax amount = (Value inclusive of taxes X tax rate in % of IGST or, as the case may be, CGST, SGST or UTGST) ÷ (100+ sum of tax rates, as applicable, in %). However,interest and penalty as applicable will be levied on default for not paying tax.