Interest Calculation under sec 50

241 views
User Avatar

188 Points Posted on 26 January 2022

Suppose I have GST Liability of 1 Lakh and due date for 3b is 20.10.2021 I paid the my GST liability of R s. 1 Lakh on 20.10.2021 but i filed my 3b on 30.10.2021 do I need to pay the interest for 10days on my cash liability?? 

0 Reply Share Follow
On 26 January 2022 at 12:23 Report
Replies (2)
Quick Summary
This discussion clarifies interest calculation for GST liability under Section 50. If you pay your GST liability by the due date but file your GSTR-3B return late, you may still need to pay interest on the cash liability for the delay period. Interest is only waived if the liability was offset using funds from your electronic cash ledger before the filing date.

User Avatar

GST Consultant
15986 Points Posted on 27 January 2022

If you offsetted the ledger then no interest otherwise interest will be levied.

Reply
On 27 January 2022 at 09:02
User Avatar

Chief Accountant
3150 Points Posted on 28 January 2022
If u have offesetted the GST liability, than no liability to pay additional interest.
In than 1 lakh is in cash ledger till 30.10.21 than u have to pay additional interest
1 Reply
On 28 January 2022 at 11:31

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
  2. Advance for supply of goods
  3. Question for members: how do you manage client doc
  4. Clarification Required on Invoicing and Receipt of
  5. SEBI Registered VS NSDL Registered RTA
  6. Income tax or capital gain tax for Resident Indivi
  7. PCIT-1 Thane Email address
  8. CA Fees deduction for non audit case allowed?
  9. 5th Letter PAN Mismatch with Surname issues still
  10. Criteria to hire an article

More recent discussions | Post

Related Topics :

Loading