interest issue

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..... interest issue
Query (Issue) Started By: - giri gattupalli Dated:- 26-10-2023 Last Reply Date:- 28-10-2023 Goods and Services Tax - GST
Got 4 Replies
GST
respected sir, one of my client under declared out -put-tax amounting to Rs 5,20,000 for FY 2022-23 and we have paid the same amount in sep -23 through filing FORM DRC-03 , by debting electronic credit ledger. during FY 2022-23 and .....

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..... up to now, always we had amount of input tax credit laying in electronic credit ledger. and now notice is by gst authorities, demanding interest amount for the out put tax declared and paid through form DRC-03. please discuss as per the provisions of gst whether interest payable or not thanking you Reply By PAWAN KUMAR: The Reply: Dear Sir, As per my view, the tax has been declared in the ret .....

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..... urn and return has been filed by the due date. The Tax which payable comes as unpaid/short paid and you paid this unpaid/short paid tax through DRC-03, although there were balance in the ECL, the interest is payable. Reply By Amit Agrawal: The Reply: It appears that you had raised similar issue under Issue-Id: 118657 bearing subject-line as 'SEC 50 ; CONSTITUTIONAL VALIDITY' and same was .....

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..... duly answered there by many contributors. Please let me know if there is any new legal issue here, which was not considered earlier, so as to look into it. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Padmanathan Kollengode: The Reply: I agree with Ld. friend Amit Ji. Both the conceptual aspect and legal aspect has been di .....

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..... scussed at length in the said post. To answer your query, interest shall be payable under section 50(1) here as the proviso to section 50(1) does not apply to your case. Reply By giri gattupalli: The Reply: thank you to all who responded. discussion is very useful.
Discussion Forum - Knowledge Sharing .....

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