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Section 50
Ineterest on belated payment of GST in GSTR3B, whether it is calculated up on Net payment or Gross?
Replies (4)
Interest on belated payment is calculated on taxes paid through cash only.
Interest to apply only on net cash liability of unpaid GST
The amendment to section 50 was proposed in the Union Budget on the July 5, 2019, and the Finance Bill 2019 was passed in the Lok Sabha on the July 18, 2019.
The amendment to section 50 was proposed in the Union Budget on the July 5, 2019, and the Finance Bill 2019 was passed in the Lok Sabha on the July 18, 2019.
Interest on delayed payment is levy on gross tax liability i.e. without allowing the credit of input tax
It's levy on Gross Output Tax .
As ,proviso in Section 50 of CGST Act inserted vide Finance (No.2) Act ,2019, that it's on NET LIABILITY, but it's effectiveness is not Notified till date.
As ,proviso in Section 50 of CGST Act inserted vide Finance (No.2) Act ,2019, that it's on NET LIABILITY, but it's effectiveness is not Notified till date.
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