If any gst output liability which was erroneously left while filing return of that period, so is shown in next tax period. In that case will the interest for delayed payment be calculated on gross amount or net of ITC...?
Some are of opinion that net liability to be used only if output declared in respective return only but return was delayed. In case eg may 20 sales shown in june 20 return then int on gross to be paid. Ref sec 50(1) which quotes 'declared in return for the said tax period'
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Int on Gross or Net if output declared in next tax period
Replies (6)
Interest should be on net of output liability
Sir problem is arising due to wording of proviso to sec 50 which states 'declared in return for the said tax period'.... Does your opinion will remain same if output liability declared in subsequent month and not in that relevant tax period...?
Net out put liabilities
as per the many cases and court orders
as per the many cases and court orders
Ayushmita ji, can u pls cite some of the cases pls
Unless you utilize ITC for payment of output liablity you cannot reduce output tax liability. So will need to consider gross amount for interest calculations.
| Originally posted by : ayusmita | ||
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Net out put liabilities as per the many cases and court orders |  |
Pls share the case laws if any
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