Interest on Gst
Page no : 2
peer aajiz
(STUDENT)
(51 Points)
Replied 04 March 2019
Please some one send me Income Tax Act in PDF Format
Padmanathan Kv
(2127 Points)
Replied 04 March 2019
Since ITC/Credit in balance in the ‘Electronic Credit Ledger’ cannot be treated as the Tax paid, unless it is debited in the said credit ledger while filing the return for off-setting the amount in the ‘Liability Ledger’, the interest liability is attracted on the entire Tax amount. this is what the standing order stated
Sujan Das
(43 Points)
Replied 04 March 2019
@ aajiz i totally agree wd ur views... but in pre gst era also we have submitted our return late by a considerable time and calculate interest only on the tax paid by cash and not on the CENVAT we utilized.. i dont think anyone calculated their service tax interest on total tax dues i. e cash plus cenvat... then why for GST??
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 March 2019
Nothing to not better than facing the issue with giving all details to GST AO...
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