Since ITC/Credit in balance in the ‘Electronic Credit Ledger’ cannot be treated as the Tax paid, unless it is debited in the said credit ledger while filing the return for off-setting the amount in the ‘Liability Ledger’, the interest liability is attracted on the entire Tax amount. this is what the standing order stated
@ aajiz i totally agree wd ur views... but in pre gst era also we have submitted our return late by a considerable time and calculate interest only on the tax paid by cash and not on the CENVAT we utilized.. i dont think anyone calculated their service tax interest on total tax dues i. e cash plus cenvat... then why for GST??
CAclubindia
