Respected Experts, Following is my query by way of example; 'GST Liability for the month of JAN-2019 is paid on or before 20th Feb, 2019 but GSTR-3B return not filed within due date and it GST liability was off-set and GSTR-3B return was filed on 10th March, 2019. (18 days late).' Now my question is, Shall the taxpayer need to pay Interest on his above GST liability which was paid within due date but it was off-setted and return was filed after 18 days of due date ? Interest to be Paid ???? If interest is payable then from which date ? from date of due date of filing GSTR-3B or from date of off-setting GST liability. Your expert view on above matter will guide me and other readers to have better knowledge of GST law. Thanking you
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GST late fees and INT
Replies (2)
Yes interest is payable 18% on gross tax liability..
interest is payable from the due date of payment till the date of filing Of return
interest is payable from the due date of payment till the date of filing Of return
The provisions of GST Law explicitly state that payment of tax means payment made through electronic credit ledger or electronic cash ledger. This means that until and unless liability is offset the amount will not be considered to be paid and payment can be done in the following two ways:
By utilising balance in the credit ledger
By utilising balance in the cash ledger
The fact that tax will not be considered as paid unless we offset the liability of such payment leads to this conclusion by the Department that interest should be paid on the gross tax liability.
In your case as offset was already done, you need not pay any interest after that....
By utilising balance in the credit ledger
By utilising balance in the cash ledger
The fact that tax will not be considered as paid unless we offset the liability of such payment leads to this conclusion by the Department that interest should be paid on the gross tax liability.
In your case as offset was already done, you need not pay any interest after that....
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