Interest on GST
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R K RUNGTA
May 4, 2019, 5:08:30 AM5/4/19
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Dear Sir/Madam
GST Department is asking to pay interest @ 18% p.a. as per Section 50(1) of the CGST Act on total output tax liability without considering the ITC and tax discharged through cash ledger. Department is claiming that ITC/Credit in balance in the ‘Electronic Credit Ledger’ cannot be treated as the tax paid, unless it is debited in the said credit ledger at the time of filing the return. The interest liability under Section 50 is mandatorily attracted on the entire tax remained unpaid beyond the due date prescribed.
Taxes have been paid and also been set off against the due tax liability before the due date of filing GSTR 3B. Moreover fee for late filling has been paid separately.
Please advise on the justification of the claim made by the department.
Regards
R K Rungta & Associates
Contact:- 033-22430429
2 Baretto Lane 3rd Floor
Kolkata- 700069
GST Department is asking to pay interest @ 18% p.a. as per Section 50(1) of the CGST Act on total output tax liability without considering the ITC and tax discharged through cash ledger. Department is claiming that ITC/Credit in balance in the ‘Electronic Credit Ledger’ cannot be treated as the tax paid, unless it is debited in the said credit ledger at the time of filing the return. The interest liability under Section 50 is mandatorily attracted on the entire tax remained unpaid beyond the due date prescribed.
Taxes have been paid and also been set off against the due tax liability before the due date of filing GSTR 3B. Moreover fee for late filling has been paid separately.
Please advise on the justification of the claim made by the department.
Regards
R K Rungta & Associates
Contact:- 033-22430429
2 Baretto Lane 3rd Floor
Kolkata- 700069
ca aba
May 8, 2019, 3:43:17 AM5/8/19
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Valid
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INDRANIL BASU
May 8, 2019, 3:43:17 AM5/8/19
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