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interest on Gst will be charged on gross liability or net liability after adjust itc ???? Kindly reply . Because department sending notices for deposit interest on Gross liability
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Regarding interest on Gst
Replies (2)
Ideally,
As per my interpretation of law, interest is due to be paid till the time the amount is not credited from the liability ledger
Now, that can be done either through credit or cash ledger or both
But, in either case the same is done simultaneously. It would mean that the liability register is credited with both cash and credit together
Hence, technically speaking it should be charged on thr gross output liability
But, in practice, the same is being charged on amount arrived after adjusting ITC
As per my interpretation of law, interest is due to be paid till the time the amount is not credited from the liability ledger
Now, that can be done either through credit or cash ledger or both
But, in either case the same is done simultaneously. It would mean that the liability register is credited with both cash and credit together
Hence, technically speaking it should be charged on thr gross output liability
But, in practice, the same is being charged on amount arrived after adjusting ITC
department doing wrong for sending notice
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