https://www.taxtmi.com/article/detailed?id=8977 Interest under Section 50 is compensatory and should be levied only on the portion of tax actually unpaid in cash after utilisation of input tax credit; the GSTN's requirement to deposit full self-assessed tax before return filing prevents crediting of ITC, causes interest on the gross liability, and is therefore a technical default. A proviso excluding interest on amounts not required to be paid from the electronic cash ledger aligns interest with net tax payable and is urged to be treated as clarificatory and retrospective. en-us Fri, 28 Feb 2020 08:11:56 +0530 Fri, 28 Feb 2020 08:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8977 Interest under Section 50 is compensatory and should be levied only on the portion of tax actually unpaid in cash after utilisation of input tax credit; the GSTN's requirement to deposit full self-assessed tax before return filing prevents crediting of ITC, causes interest on the gross liability, and is therefore a technical default. A proviso excluding interest on amounts not required to be paid from the electronic cash ledger aligns interest with net tax payable and is urged to be treated as clarificatory and retrospective. Articles Goods and Services Tax - GST Fri, 28 Feb 2020 08:11:56 +0530 https://www.taxtmi.com/article/detailed?id=8977