TaxTMI 
TaxTMI 
interest on tax liabilty set off from the credit ledger
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....nterest on tax liabilty set off from the credit ledger<br> Query (Issue) Started By: - AMIT BATHAM Dated:- 7-11-2023 Last Reply Date:- 10-11-2023 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<b....
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....r>Dear all my learned colleagues, I would like to hear your opinions on the following matter regarding interest liability: an outward supply that should be reported in both GSTR-3B and GSTR-1, but was....
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.... accidentally left to be reported in GSTR-3B in the year 2017-2018, resulting in a shortfall in tax paid, will interest be owed on that liability if it is set off from the credit ledger? Section 50 st....
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....ipulates that interest is payable on supplies made during the tax period and reported in the return for that period and return means accordance with the provision of Sec. 39 means GSTR-3B, interest sh....
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....all be payable on that portion of the tax which is paid by debiting the cash ledger. Reply By Padmanathan Kollengode: The Reply: Yes. prima face interest will be applicable on the entire tax paid wh....
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....ich is being paid belatedly. Since the supply was not reported in GSTR-3B for the respective tax period in which the supply was made, it is not covered under proviso to section 50. Reply By Padmanath....
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....an Kollengode: The Reply: Also see Issue Id: - 118832. The legal provisions, compensatory nature of interest etc has been discussed in this post by experts. Reply By AMIT BATHAM: The Reply: Dear Pa....
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....dmanathan Kollengode Sir Thank you sir<br> Discussion Forum - Knowledge Sharing ....