Interest on gst

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86 Points Posted on 23 September 2020
hi sir I m filing gst returns for last year 2018-19 we have to file pay interest or waived off kindly suggest
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On 23 September 2020 at 22:56 Report
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Quick Summary
If you're filing GST returns for 2018-19 and need to pay interest, it's important to know that the government has provided some relaxation. Interest is now chargeable only on your net tax liability, which is the amount paid in cash, rather than the gross liability. This means you'll calculate and pay interest based on your cash payments.

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CA in Practice CMA by Qualification
1593 Points Posted on 24 September 2020

Interest is not waived off and you have to pay interest.
However, Government gave relaxation on paying interest as "interest is chargeable only on net tax liability not on gross tax liability."

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On 24 September 2020 at 01:09
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Tax and Business Consultant
11616 Points Posted on 24 September 2020
You are required to Pay interest on "net tax liability" i.e liability which is paid in Cash.
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On 24 September 2020 at 06:56

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