Namasker and Good Morning to all Experts
Just want to ask simple query
Gross liability = 100
Input tax credit = 50
Net liability. = 50
Supposed we deposit tax liability 4 daya late . than interest will be paid by 4 days @ 18℅.
Now please tell me that in which amount I will paid interest my gross liability or net liability ie 50
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Regarding Interest on Gst liability
Replies (11)
On your Net liability Rs. 50/-
yes, interest to paid 18% per annum on net liability Rs 50.
than sir why our consultant saying that interest will be deposited on gross liability ie 100
The consultant might not got clarification regarding this. No problem tell him to confirm it and pay interest on net liability.
Dear Rajive ji Ask him to refer Section 49 CGST Act
good advice Pankaj ji..........
friends, department is calculating interest on gross liability and issuing notices
you received notice ?????
yes, we have received the notice and they have issued notices to all the registrants in our range. i have visited the office also. the showed the circular issued by cbic in this regard
please provide circullar
After 31st GST council, it's clear that interest on late payment of gst were required to payable on gross tax liability but now it will be payable on net cash liability.
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