https://www.taxtmi.com/forum/issue?id=114186 The question is whether GST interest for delayed payment is chargeable on full output tax or only on net liability after input tax credit. Respondents rely on the rule that interest accrues on tax remaining unpaid and that payment is effected when the electronic liability register and ledgers are debited. One position treats failure to debit credit during the period as attracting interest on the full output tax until ledger discharge; an alternative argument is that available input credit reflected in ledgers negates loss to the treasury and thus the interest premise, a point potentially open to legal challenge. en-us Wed, 26 Sep 2018 14:43:14 +0530 Thu, 23 Jan 2025 15:55:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=114186 The question is whether GST interest for delayed payment is chargeable on full output tax or only on net liability after input tax credit. Respondents rely on the rule that interest accrues on tax remaining unpaid and that payment is effected when the electronic liability register and ledgers are debited. One position treats failure to debit credit during the period as attracting interest on the full output tax until ledger discharge; an alternative argument is that available input credit reflected in ledgers negates loss to the treasury and thus the interest premise, a point potentially open to legal challenge. Discussion-Forum GST Wed, 26 Sep 2018 14:43:14 +0530 https://www.taxtmi.com/forum/issue?id=114186