I have enough credit for payment of outward liability
but while filing missed to put outward tax liability in gstr 3b
while filing next month 3b i have to submit the same.
will i be liable for interest for delay, if i don't have to make a payment, as i have credit in ledger.
14 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 15 November 2019
No............. not required to pay interest.
CA Pranav Mishra
(241 Points)
Replied 17 November 2019
Kindly refer proviso as per finance act Interest on delayed payment of tax. 50. (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council. 1[Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.]
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
@ Mr CA Pranav Mishra.,
What is Your reply to Querist...??
Please give Your simply reply to solve the Query...🙏🙏🙏🙏
What is Your reply to Querist...??
Please give Your simply reply to solve the Query...🙏🙏🙏🙏
CA Pranav Mishra
(241 Points)
Replied 17 November 2019
it is suggested to please try to read bare act then you will definitely understand the provision which is quoted.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
Dear.,
If Querist can understand the BARE ACT OR ANY OTHER ACTS then Why they will come to ask doubt or queries or questions...?
Why here participating for paste the bare acts or any other texts...??
If Querist can understand the BARE ACT OR ANY OTHER ACTS then Why they will come to ask doubt or queries or questions...?
Why here participating for paste the bare acts or any other texts...??
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 18 November 2019
Dear CA Pranav
If your read the query carefully , the Querist has Enough Credit In his ECL , hence there even if the outward supply which he missed to report , there is no Tax Liability. , so on which amount you have proposed for levy of Interest.
Now kindly Read the Section 50 of CGST " "person who is liable PAY TAX , BUT FAILS TO PAY TAX " , .now when there .is no tax liability is arising , on what amount the Querist is liable to pay interest.
So hence NO INTEREST is applicable.
If your read the query carefully , the Querist has Enough Credit In his ECL , hence there even if the outward supply which he missed to report , there is no Tax Liability. , so on which amount you have proposed for levy of Interest.
Now kindly Read the Section 50 of CGST " "person who is liable PAY TAX , BUT FAILS TO PAY TAX " , .now when there .is no tax liability is arising , on what amount the Querist is liable to pay interest.
So hence NO INTEREST is applicable.
CA Pranav Mishra
(241 Points)
Replied 18 November 2019
Ya the same is provided in the proviso
1[Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger
1[Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 18 November 2019
@ Mr Pankaj Rawat Ji.,
Why not interest not applicable in the above said missed details...?
Why not interest not applicable in the above said missed details...?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 18 November 2019
ITS CLEARLY IN SECTION THAT "PERSON WHO IS LIABLE TO PAY TAX & FAILS TO PAY TAX" , BUT THERE IS NO TAX ARISING.
LETS SUPPOSE
EXAMPLE 1
OUTPUT 100/-
INPUT 200/-
IN ABOVE IF TAXPAYER IS MISSED TO RECORD THE OUTPUT (100/-) AS THERE IS NO TAX ARISING EVEN IF HE HAD REPORTED THE SAME, SO NO INTEREST APPLICABLE
EXAMPLE 2
OUTPUT 250/-
INPUT 200/-
IN THIS CASE TAXPAYER IS LIABLE TO PAY INTEREST ON 250/- (GROSS) AS THE TAX LIABILITY IS ARSING 50/-
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