Interest on GST payable in GSTR 3B for March,20.
joydeb pal (kolkata) (55 Points)
21 July 2020
Whether interest is payable if ITC in Credit Ledger is more than GST payable?
2 Replies
Raj Chaurasia
(273 Points)
Replied 21 July 2020
Interest is payable only when taxable person fails to pay gst on or before the due date of filing of return. No question of interest when u have more itc then gst payable ..simply utilise the gst to pay output tax.
annu Goyal
(1102 Points)
Replied 21 July 2020
Interest is only payable when payment of tax is made after due date.
If ITC credit is more than GST payable then if return is filled successfully on timely and set off tax liablity with ITC then no interest will be payable
If ITC credit is more than GST payable then if return is filled successfully on timely and set off tax liablity with ITC then no interest will be payable
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