Sir,
I am engaged in the trading activity of cement and made the short payment in GSTR-3B with comparison to GSTR-1 for the F.Y. 2017-18. The difference amount I have paid for the F.Y. 2018-19, through input tax credit and also maintained the sufficient balance in my ITC ledger. Pls suggest whether I am liable to pay the liability of interest or not.
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Applicability of interest on short payment of tax in F.Y. 2017-18
Replies (3)
Yes interest is applicable @ 18%
Interest not applicable as tax paid through credit ledger
Interest applicable.
Interest Benefit of paying through credit ledger is very limited as per law.
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