Interest related

[Ramesh Prajapati]

Sir,

A dealer has submitted gstr 3b of July 17 with following detalis.

Output gst 100000

Itc 80000

Net gst paid 20000

Later he rectified above data in December 17 gstr 3b as under

Output tax 250000

Itc 150000 (

Net gst 100000(itc adjusted from credit ledger)

My question is on which amount interest would be payable

250000, 100000 or other?

My dout.. As dealer has adjusted itc in December, he would liable to pay interest on entire amount of output i. E 250000 from August to December

Pl guide

AI Summary

Interest on Revised GST Liability: Pay Interest on Additional 150,000 ITC from Aug to Dec 2017 A dealer initially reported a lower GST liability in July 2017, which was later corrected in December 2017. The initial output GST was 100,000 with an ITC of 80,000, resulting in a net GST of 20,000. This was later revised to an output tax of 250,000 and ITC of 150,000, leading to a net GST of 100,000. The main query was on which amount interest should be paid. Responses suggested interest on 150,000 from August to December 2017, as the additional ITC was not claimed in the original return. The discussion also covered legal provisions and the rectification process for GST returns.