Interest on which amount in gst

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manager
487 Points Posted on 18 June 2021
please tell that interest applicable on total payable gst or on net payable after set off of ITC. If after set off of ITC no tax is payable so in that case interest is applicable?
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On 18 June 2021 at 12:07 Report
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This discussion clarifies how GST interest is calculated. It's confirmed that interest is applicable only on the net payable GST amount, after the Input Tax Credit (ITC) has been set off. If no tax is payable following the ITC set-off, then no interest will be levied.

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2742 Points Posted on 18 June 2021

Calculated on Net Liability of GST

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On 18 June 2021 at 12:50
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2742 Points Posted on 18 June 2021

That is After Set off of ITC.

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On 18 June 2021 at 12:50
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manager
487 Points Posted on 18 June 2021
Ok thanks
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On 18 June 2021 at 12:55
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CMA
13117 Points Posted on 18 June 2021

If no tax is payable after set off of ITC, then no interest can be levied.

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On 18 June 2021 at 13:59
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manager
487 Points Posted on 18 June 2021
Ok thanks
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On 18 June 2021 at 14:24

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