We have submitted our GSTR-1 CORRECTLY ON DUE DATE
BUT IN GSTR-3B we missed to put output liability correctly in CGST SGST HEAD.
We put input tax credit correctly
Actual tax liability is 100000 & ITC is 120000 but due to mistake we put tax liability only 10000 & excess ITC IS Carried over.
Then weather we are liable for interest payable
If yes then on which amount interest is payable
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INTEREST ON GST Payable
Replies (5)
yes
Rs. 90000/-
@ 18% pa
Rs. 90000/-
@ 18% pa
As per Section 50 (3) CGST Act :
The interest will be applicable @ 24% pa on 90k
The interest will be applicable @ 24% pa on 90k
Weather GSTR-1 LIABILITY SHOWN IS IRRELEVANT
Actually the fiqures in GSTR 1 do not Reflects in Electronics Credit Ledger
friends department is calculating interest on total output tax liability for delay of gstr 3b instead of net tax payable.
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