Interest on late payment of gst
This query is : Open
Rohit Kaushik
(Querist)
20 November 2018
Dear All,
If we are making late payment of GST then it is liable to interest @ 18% p.a.
can you pls clear the doubt, that on which amount such 18% be calculated:
whether on Net gst liablity after adjustment of Input GST credit or
on gross amount without deducting input credit.
pls clear urgently.
Regards,
Rohit Kaushik
If we are making late payment of GST then it is liable to interest @ 18% p.a.
can you pls clear the doubt, that on which amount such 18% be calculated:
whether on Net gst liablity after adjustment of Input GST credit or
on gross amount without deducting input credit.
pls clear urgently.
Regards,
Rohit Kaushik
CA Idris M K
(Expert)
20 November 2018
An Outstanding GST liability in Electronic liability ledger to the extent not been sett off either by electronic credit ledger or by electronic cash ledger will be treated as an outstanding liability and shall attract interest.
Hence, interest shall be attracted on whole amount.
Note: this is my view, there might be a difference of opinion
Hence, interest shall be attracted on whole amount.
Note: this is my view, there might be a difference of opinion
CA Ankit R Momaya
(Expert)
20 November 2018
I also endorse the above view of CA Idris M K that interest will apply on the Gross Amount.
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