Int on Gross or Net if output declared in next tax period

This discussion explores whether interest on delayed GST output tax declarations should be calculated on the gross amount or net of Input Tax Credit (ITC). The core issue revolves around the interpretation of Section 50(1), which refers to liability 'declared in return for the said tax period'. While some argue for net liability based on case law, others contend that if the output is declared in a subsequent period, interest should apply to the gross amount until ITC is actually utilised.