Question ID :
38038
Interest in GST_ Whether on Gross Output Tax or Net Tax Liability
Should i pay interest for late payment of GST on Gross liability or Net liability (after adjusting inputs)?
Please clarify
Posted by
GADE RANGA REDDY
on
Mar 17, 2019
Filed Under
GST
This is recently clarified by the department that interest is payable on net liability after adjustment of Input tax
Posted by
CA. BISHT RAKESH on
Mar 18, 2019
Answer ID :
76382
The Interest is payable on net liability after taking credit.
Posted by
CA. JHA SHANKAR KUMAR on
Mar 20, 2019
Answer ID :
76393
GST council has approved amendment in section 50 for payment of interest on net liability. But it will be applicable after amendment in GST Act.
Posted by
CA. chunauti dholakia on
Mar 20, 2019