TaxTMI 
TaxTMI 
interest payable
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....nterest payable<br> Query (Issue) Started By: - giri gattupalli Dated:- 6-8-2022 Last Reply Date:- 13-8-2022 Goods and Services Tax - GST<br>Got 8 Replies<br>GST<br>respected sir , one of my client's actual out put tax liability during the month of MARCH -2022 was 10 lakh rupees and i have declared as 8 lakh rupees only due to clerical mistake. and i have 5 lakh rupees input c/f for month of ....
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....MARCH-22 .now i want to declare missed-out out put tax liability for MARCH-22 through filing FORM-DRC-03 and to discharge tax liability through debiting electronic credit ledger.(i have credit carry forward laying in my credit ledger around 4 lakhs at present ).and i need not to debit cash ledger to discharge my additional liability for month of MARCH-22 . i request our eminents to discuss that, ....
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....as per the amended interest provisions whether i have to pay interest for late declaration of out put tax liability or not even though i need not to pay any cash . thanking you sir Reply By Ganeshan Kalyani: The Reply: Sir, interest is applicable as tax was not paid at the rate of 18%. In my view , you can show the transaction in Apr 22 GSTR 3B and comply in place of choosing DRC 03 way. Repl....
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....y By giri gattupalli: The Reply: thank you sir for your opinion. and invite more discussion. please participate. thanking you Reply By vijay kumar: The Reply: Interest on cash component is only when GSTR-3B return is filed belatedly.. In your case, return was already filed but incorrectly disclosed. As per amended Sec.50, you are required to pay interest on the entire tax short paid, irrespect....
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....ive of whether it is paid from cash ledger or credit ledger. Reply By Amit Agrawal: The Reply: I ex-facie agree with Shri Ganeshan Kalyani Ji! Reply By Amit Agrawal: The Reply: W.r.t. liability to pay interest is concerned, I also ex-facie agree with Shri Vijay Kumar Ji specially after recent insertion of rule (made effective from 01.07.2017) to calculate interest. Unless and until one is thi....
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....nking about challenging constitutional validity of proviso to subject section 50 (1) read with rule 88B (1) to calculate & pay interest in given scenario, interest is payable even when ITC was constantly available in the intermittent period. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By giri gattupalli: The Reply: respected s....
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....ir, i also have some doubts regarding constitutional validity of Sec 50 (1) .my doubts are as here under 1. what is the legal meaning of INTEREST. 2. where there is no loss of money to the govt . how the question of paying money in the form of INTEREST arise. 3. in a financial transaction what makes the basis for rising of interest liability i invite our panel of eminents to discuss above poi....
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....nts. thanking you giri Reply By Amit Agrawal: The Reply: Dear Shri Giri Gattupalli Ji, W.r.t. your last post, you may find reading of 5-member Constitutional Bench of Supreme Court's ruling in case of BIRLA CEMENT WORKS & JK. SYNTHETICS LTD. VERSUS COMMERCIAL TAXES OFFICER AND STATE OF RAJASTHAN, as reported in 1994 (5) TMI 233 - SUPREME COURT as "interesting". But, please note....
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.... that we are dealing with different law having different provisions and rules thereunder. Hence, one needs to be extremely careful before reaching any conclusion to suggest that interest is not payable in given situation. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By giri gattupalli: The Reply: thank you sir for your valuable....
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.... opinions. giri<br> Discussion Forum - Knowledge Sharing ....