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Hi team,
Please assist
Last one bill was missed for Dec-22 GSTR1.
Now, would there any issue if i put it in the month of January-23.Yes , You Can show in Jan 23 GSTR1 , however you have to pay interest for late payment in GSTR3B, if Invoice is of December 22.
Sir, how to calculate Interest on missing sales bill?
on Net payable in cash amt?? or Int payable on Fully Tax amt ??
means Int calculated on after ITC claimed or before claimed ITC ??
pls explain sirEven if the amount is set off from credit ledger but supply is of previous month then interest will be paid in full as per strict letter of law
Proviso to section 50 is applicable only in the case where there is a delay in furnishing return u/s 39.Since in the given case GSTR 3B for December,2022 is already filed, interest shall be paid on the gross tax liability corresponding to supply missed to declare in December,2022
As per Section 50 of the CGST Act interest will become applicable at prescribed rate. In the initial stage of GST taxpayers was required to face litigation for payment of interest on Gross liability instead Net Liability. To reduce the ambiguity of the Section 50 of the CGST Act, proviso was inserted under sub section (1) which was notified with effect from 01-09-2020 so that to levy interest only on the net cash tax liability, except in proceedings under section 73 or 74. you can checked this NTF.( NT-01/2020-CT and NT-63/2020-CT)
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