My client has paid correct GST liability of Rs 5 lacs for Mar 18 but somehow the consultant showed less liability by 1.25 lacs in 3B and filed the return. Now that 1.25 lacs shows in cash ledger. GST helpdesk person said that you can only release this 1.26 lacs in next month Apr 18 3B and hence will be charged 24% p.a. interest on short payment of 1.26 lacs. Could anyone guide on this.
Thanks
2 Replies
CA SANJAY GARG
(PROPRIETOR)
(47 Points)
Replied 22 April 2018
Yes, amount lying in cash ledger is your money. Your liability discharges only after off setting it in the 3B. Hence in this case despite of paying tax in time, you have to pay interest in April 3B...
Divakar
(Student CA Final )
(11857 Points)
Replied 22 April 2018
Interest is 18% p. a on short payment of tax... 24% is for wrong itc availed... Government said that mere depositing of tax is not sufficient until u set off ur liability in GSTR3B.... in earlier law not like that... So wait for further clarification when GSTR3 is being filed only then pictures got cleared... Show that liability in ur April month Gstr3B... And file correct GSTR1
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