Interest under GST 2017
Respected Sir under GST act is interest on outward tax liability applied on net tax liability .I mean to say I have hundred rs tax liability and I also have 80 Rs lying as input .the interest would be charged on rest amount 20 Rs or whole amount Rs 100. please confirm me
Replies (4)
Quick Summary
Interest will be charged on 20 provided you have that 80 rs credit in your credit ledger..
regards gst tax officer.
regards gst tax officer.
Only on Rs 20
Yes in term of Notification 16/2021 CT , it's on net tax liability..
It's being retrospective e.f.1/7/2017
It's being retrospective e.f.1/7/2017
On your net liability
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