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TMI BlogInterest relatedX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, A dealer has submitted gstr 3b of July 17 with following detalis. Output gst 100000 Itc 80000 Net gst paid 20000 Later he rectified above data in December 17 gstr 3b as under Output tax 250000 Itc 150000 ( Net gst 100000(itc adjusted from credit ledger) My question is on which amount interest would be payable 250000, 100000 or other? My dout.. As dealer has adjusted itc in Dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember, he would liable to pay interest on entire amount of output i. E 250000 from August to December Pl guide - Reply By SHIVKUMAR SHARMA - The Reply = Interest is to be payable on ₹ 150000/-For the Period From August to December 2017. 250000-100000(80000+20000) - Reply By Yash Jain - The Reply = Statement Showing Computation Of Interest on Short Tax Liability ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Particulars Original Revised Due Date / Date of Payment 1-Sep-17 20-Oct-18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gross GST Liability 100,000.00 250,000.00 ITC 80,000.00 80,000.00 Net Tax Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability 20,000.00 170,000.00 Incremental Liability (Original - Revised) 150,000.00 Duration 414.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interest @ 18% PA 30,624.66 Notes : As the Due Date for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Filing the Returns for the Month of Aug-2017 is 20-09-2017, but as the returns was not filed hence Interest will be calculated from 01.09.2017 As per Sec 16(2) of the CGST Act , ITC Will be admissible provided the same is taken in the Return for the month in which it is filed As the Additional ITC (Rs.70000/-) is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not claimed in the Returns for the Month of August, same will not be considered as ITC in August. However As per Sec 18(5) , ITC Will not be available in case Invoice is more than 1 year Old. Assuming that you have not filed Return for Aug-2018, you can take input However if the Returns for Aug-2018 is filed without consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ering the Input then you will not be eligible for the ITC Of ₹ 70000/- - Reply By SHIVKUMAR SHARMA - The Reply = Shri Yash Jain Ji The Querist have made the Payment of Tax in Dec.2017 not In Dec.2018 - Reply By Ramesh Prajapati - The Reply = Thank you sir! - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Interest is to be paid on &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 1,50,000 as opined by Shri Sivakumar. - Reply By Yash Jain - The Reply = Dear Sir, As the statement of the Queriest is On which amount the Interest is Payable? , and it being an active sentence it is presumed that he has not paid interest to date on the Liability, as the question being asked is On what amount the interest is payable . As per GST Rules (Refer Sec 50 and clauses th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereto) the Interest is to be calculated Till the Date the Amount is not Paid and hence accordingly the answer. Also one question for my unders, how can one rectify the GST Return for a particular month, when the option is not itself enabled in the system?. Regards - Reply By Yash Jain - The Reply = Dear Sir, I agree with the esteemed experts. Regards - Reply By Ramesh Prajapati - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = Thank you for detail explanations... - Reply By Ramesh Prajapati - The Reply = I read section 16(2) but don't find this provisions ... Kindly request to explain the legal provisions ... - Reply By Ramesh Prajapati - The Reply = My query If a dealer filed nil gstr 3b of july17. But filed Gstr 1 of July17 with net tax liability ie 25000 Dealer rectified this mistak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in December 17 gstr 3b. As per gstr 3b of December 17 Output 80000 Itc 35000 Net tax 45000 (all figures are of july, which were not included in gstr3b of july17) My question is related to interest to be paid on which amount? Why? - Interest related - Query Started By: - Ramesh Prajapati Dated:- 21-9-2018 Goods and Services Tax - GST - Got 10 Replies - GST - Discussion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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