TaxTMI 
TaxTMI 
SECTION 37 (3)
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....ECTION 37 (3)<br> Query (Issue) Started By: - ABHISHEK RAVI Dated:- 20-3-2021 Last Reply Date:- 23-3-2021 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>We have filed Nil GSTR-3B and GSTR-1 for FY 2019-20. However upon realizing it filed FY 2019-20 Supply data in months of April to Sep 2020 . Department issued notice u/s 74 for filing NIL return during FY 2019-2020. Is any default on our ....
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....part. We have not paid interest. Reply By KASTURI SETHI: The Reply: You will have to pay tax along with interest and late fee. Since you have paid GST belatedly, interest is to be paid from the due date to the date of payment of tax/setting off liability. Similarly, late fee is also required to be paid. Under which sub-section of Section 74, notice has been issued. Normally Common Portal System....
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.... does not accept next return if late fee and interest are pending. Interest and late fee are to be paid in cash. Reply By Ganeshan Kalyani: The Reply: I agree with the views of Sri Kasturi Sir. The interest is liable to be paid on the supplies not furnished in the supply month. Reply By Himansu Sekhar: The Reply: When you have raised invoices, filing nil returns appears to amount suppression ....
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....as per explanation 2 of sec 74. To prove your bonafieds you should have declared the same to the department. Now the same is to be proved before the authorities. Reply By ABHISHEK K: The Reply: Dear Sir, We have filed the missed sale data of March 2020 in GSTR-3B and GSTR-1 of June 2020. All returns are filed on due date so no penalty is paid.The Tax liability is set off by debiting credit ledge....
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....r. No liability is paid in cash. Whether interest is payable on Net tax liability (which is nil in my case) or Gross tax liability. We have not paid any interest however discharged our tax liability. Reply By KASTURI SETHI: The Reply: Interest is always compensatory in nature.-----Supreme Court. If you have not caused any loss revenue and you have not delayed any Govt. dues, then interest for wh....
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....at ? You forgot to upload some invoices and the same were uploaded later on. In my view, it is just a procedural lapse. Hence in such a case neither interest nor penalty will be demanded by the department. You have rectified your lapse on your own. Although as per law penalty is imposable for a procedural lapse, yet the department may not force you, it being a trivial matter. Reply By ABHISHEK....
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.... TRIPATHI: The Reply: Dear Abhishek Sir, KS Sir has brilliantly answered it. It's not a case of Net v. Gross debate. You missed few data though rightly discharged your tax liability. Reply the SCN while mentioning all the above points and department should not poke you for something where there is no revenue loss. Take further legal professional advice for such reply, so that department un....
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....derstands that it is just a trivial error and it gets sorted at the adjudicating stage. Reply By ABHISHEK K: The Reply: Thanks for the reply KASTURI SETHI Sir, Himansu Sekhar Sir and ABHISHEK TRIPATHI Sir.<br> Discussion Forum - Knowledge Sharing ....