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liability of interest under gst act-2017

giri gattupalli

respected sir ,

in recent judgement in 

ARYA COTTON INDUSTRIES & ANR. Versus UNION OF INDIA & ANR. honorable gujarath high court taken the view that ,interest under sec 50 should be levied after considering the date of cash deposited and  available in cash ledger only. even FORM-DRC-03 filed in later date . and considered the date of deposit of cash in to cash ledger is the date of discharge of gst liability in other words ,( considering  filing of FORM DRC-03 is as just book adjustment ) interest will not be leviable to the extent of cash available in cash ledger.  even FORM-DRC-03 filed in later date.

                                            in GST ACT input tax credit or ITC laying in electronic credit ledger is equal to cash laying in cash ledger . then , same logic should  apply to electronic credit ledger also. in my opinion in any instance of levy of  interest under sec 50, interest  should be calculated after deducting amount available in cash ledger and credit ledger also. 

                                        i request all honorable members to discuss. 

                                          

 

 

 

Should section 50 GST interest be reduced by available electronic credit ledger (ITC) balances like cash ledger deposits? A recent high court judgment held that interest under section 50 of the GST Act must be computed after accounting for the date cash was deposited and available in the cash ledger, treating subsequent filing of FORM DRC-03 as a bookkeeping adjustment and not delaying discharge of liability. The forum poster submits that electronic credit ledger balances (ITC) are functionally equivalent to cash ledger amounts and argues interest should likewise be reduced by available credit ledger balances when calculating section 50 interest, inviting discussion on extending the court's reasoning to ITC. (AI Summary)
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