Dear Sir,
In case of GSTR-3B of March 2020, Outward supplies and output tax has not been declared but tax has been paid and filed the GSTR-3B nil return. GSTR-1 is filed with declaring outward supplies.
Subsequently there was refund in initial months of April to July 2020: tax payable in later months after August 2020.returns are filed in time by making use of Tax paid for the month March 2020.
Now we have to declare the Outward supplies of March 2020 in current GSTR-3B, As we paid the taxes in March 2020 itself, Is interest is payable on GST of March 2020 or not.
Please clarify sir.
Your's Faithfully,
K G Anantha Rao
Interest Payable on March 2020 GST: Payment Considered Only When Offset Through GSTR-3B; Correct Filing Crucial A user inquired about the interest liability on GST for March 2020, where outward supplies and output tax were not declared, but the tax was paid, and a nil return was filed. GSTR-1 was filed with the correct declaration. Tax refunds were received from April to July 2020, and subsequent returns were timely filed using the March 2020 tax payment. The user asked if interest is payable when declaring March 2020 supplies in the current GSTR-3B. Respondents advised that interest is indeed payable, as the payment is only considered against liability when offset through GSTR-3B. (AI Summary)
TaxTMI 
TaxTMI 
