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Interest U/s 59 of the GST Act

16 July 2020

Late fee paid on belated filing of GSTR 3B.There is no Tax liability after deducting the ITC.Is there an interest liability in this matter as per section 50 of the GST Act.

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2 Replies

CA Akshay Hiregange (Partner - Audit & Assistance) (4515 Points)
Replied 16 July 2020

Can be said to be not applicable. Amendment to GST Act yet to be notified, although it has been clearly decided that interest will be applicable on tax payable in cash only u/s 50 of CGST Act restrospectively from 1st July 2017. Suggest to discharge on net liability only (after ITC set off)