Interest payable on output liability
This query is : Resolved
10 September 2018
Dear Sir
A Retail Trader has a liability of Rs. 1,80,000/ in a month though he can avail Input Credit of Rs. 2,00,000/-. Unfortunately the Trader not filing the GSTR-3B till to date.
Should the Interest @ 18% be need to pay on Total Liabiility if the Trader wants to file the Returns ??
Looking for your valued advice in this regard
A Retail Trader has a liability of Rs. 1,80,000/ in a month though he can avail Input Credit of Rs. 2,00,000/-. Unfortunately the Trader not filing the GSTR-3B till to date.
Should the Interest @ 18% be need to pay on Total Liabiility if the Trader wants to file the Returns ??
Looking for your valued advice in this regard
10 September 2018
You can file the GSTR3B in the current month offsetting the ITC with output tax. There will not be any interest liability. But there would be a liability for late filing of return.
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