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Interest U/s 59 of the GST Act
Late fee paid on belated filing of GSTR 3B.There is no Tax liability after deducting the ITC.Is there an interest liability in this matter as per section 50 of the GST Act.
Replies (2)
Can be said to be not applicable. Amendment to GST Act yet to be notified, although it has been clearly decided that interest will be applicable on tax payable in cash only u/s 50 of CGST Act restrospectively from 1st July 2017. Suggest to discharge on net liability only (after ITC set off)
Interest is applicable for delay in payment of tax within the due date. It comes 18%.
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