https://www.taxtmi.com/forum/issue?id=117485 Whether GST interest is computed on the net cash tax liability or on the gross tax for supplies of an earlier period declared later: departmental reading of the proviso to section 50(1) confines interest to the portion paid by debiting the electronic cash ledger, so interest is charged on the cash-paid portion and not on the entire attributable tax; interest is not compounded. The GST Council press release proposes a retrospective amendment to charge interest only on ineligible ITC that has been availed and utilized, but legal effect awaits formal notification. en-us Sat, 11 Sep 2021 17:30:22 +0530 Thu, 23 Jan 2025 15:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117485 Whether GST interest is computed on the net cash tax liability or on the gross tax for supplies of an earlier period declared later: departmental reading of the proviso to section 50(1) confines interest to the portion paid by debiting the electronic cash ledger, so interest is charged on the cash-paid portion and not on the entire attributable tax; interest is not compounded. The GST Council press release proposes a retrospective amendment to charge interest only on ineligible ITC that has been availed and utilized, but legal effect awaits formal notification. Discussion-Forum GST Sat, 11 Sep 2021 17:30:22 +0530 https://www.taxtmi.com/forum/issue?id=117485