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IF NO SALE & PURCHASE FOR MONTH OF APRIL 2020

10 April 2020

our turnover is in the uppermost slab of GST
what is the solution if their is no sale & purchase for month of April may if lockdown increases
then still on Zero Gst
we still have to pay 9% interest
please explain

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4 Replies

Lokesh Shah (20 Points)
Replied 10 April 2020

If there is no tax liability then on which amount you would be liable to pay interest @ 9%
in my preview there should be no such liability, subject to there should not be any ITC and outward discharge liability.

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RAJA P M ("Do the Right Thing...!!!") (128062 Points)
Replied 10 April 2020

@ Mr Rajesh Katkar.,

Interest applicable only to payable liability. Not for Zero Liability...

But,
File Your GST returns on or before extended due dates.

Rajkumar Patel (602 Points)
Replied 10 April 2020

Interest is calculated on tax Tax Liability payable to Government which here is Nil (because donot have any liability payable).... As results os this Interest will become Zero.