Value for interest calculation on delay payment of gst

This query is : Open

CA Antriksh Mishra (Querist)
Follow

17 May 2018 Referring to section 50 (1) of CGST Act 2017 read with Notification No. 16 /2018 - Central Tax
Dated 23rd March 2018, what will be the value on which interest will be calculated in case of late filing of GSTR-3B i.e. after due date? Will it be after considering the Input tax credit? For ex. If output liability is Rs. 1,00,000/- and input tax credit available is 80,000/-. The value on which interest will be calculated will be Rs. 1,00,000/- or Rs. 20,000/-(Rs. 1,00,000- Rs. 80,000)?

Extract of Notification No. 16 /2018 - Central Tax Dated 23rd March 2018-
"Payment of taxes for discharge of tax liability as per FORM GSTR-3B :Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date, as mentioned in column (3) of the said Table, on which he is required to furnish the said return."

RAJA P M

RAJA P M (Expert)
Follow

17 May 2018 Interest will be payable for the Outstanding liability like (as per your calculations) Is. 20k... Also interest will calculate for the Late Fee...