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Interest-GST -on Delayed payments

This query is : Resolved 
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(Querist)
02 November 2021 Hi All

One of my clients has forgot to disclose 1 sales bill belonging FY 20-21. Now he wants to disclose the sales and liability on the same in the month of Sep -21. He also has sufficient credit available throughout the year.
Whether interest will be applicable on the GST liability amount?

Thanks in advance.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 November 2021 Interest not applicable in such a case.
The 31st GST Council meeting recommended changing this Law to provide that only the net liability of a taxpayer would hereafter be subjected to interest. This amendment to the Central Goods and Services Tax Act, was presented under the Finance Bill, 2019. Under this new amendment governing section 50 of the Act, interest will now be charged on only that portion of the GST liability which is paid by debiting the electronic cash ledger.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
05 November 2021 Interest will be applicable since the liability for the period was not shown for that period. Interest @ 18% pa shall be payable.
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Sonnal Khandaray

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Sonnal Khandaray (Querist)
08 November 2021 Two opposite opinions. Confused what to do ?
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