Interest u/s 50 of CGST Act 2017

[Arthi.M]

Invoice dated 20.04.2023. GST Rs. 18/-

ITC for April 2023 GST Rs. 2/- If a company has missed to report the above invoice in GSTR-1 of April 2023 but reports it in GSTR-1 of June 2024.

Will interest be applicable for delayed reporting if company already has accumulated Electronic Credit Ledger balance of Rs. 140 from April 2023 itself.

AI Summary

Interest on delayed tax reporting may still apply when invoices are reported late, despite existing electronic credit ledger balance.
Whether interest arises where an invoice omitted from GSTR-1 is later reported while the taxpayer had a sufficient electronic credit ledger balance; commentary contrasts the general interest rule for delayed tax with a proviso exempting interest when belated returns are paid by debiting the electronic cash ledger, and notes separate interest liability for wrongly availed and utilised input tax credit.