Regarding Interest payment

In the 31 st  GST  councile meet  Amendment  of  section 50  of the CGST act 2017  interest  liability  is to be charged  only  on the  Net  Tax  liability  and not on gross amount  , I think same is  not yet notifyed  , please confirm .

it's not notified but in present what is situation???

In present they are sending notice by calculating on gross liability

at present it is calculated on gross liability

but this is wrong na than what is the means of itc why we will purchase through ITC. if we not claim it

No... Interest calculate on net liability of outstanding figures which after set off Your ITC...

Outward (-) ITC = Payable Liability. Interest on payable liability...

BUT SIT IF NET LIABLITY . THAN WHY GOVERNMENT NEED CLEARIFY THE SECTION 50 IN LETEST GST MEETING

Bcoz, Dept serve notice in Full of Tax values in the supply... And Taxpayers not understanding the notice...


Yes... dept can raise only based on GSTR 1 return. He don't have GSTR 2 return. So, They issued on Outward supplies...

But, Our duty will give details of ITC and it's set off details. After given the details AO can accept Your details then pay balance with interest...