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TMI Bloginterest on tax liabilty set off from the credit ledgerX X X X Extracts X X X X X X X X Extracts X X X X ..... interest on tax liabilty set off from the credit ledger X X X X Extracts X X X X X X X X Extracts X X X X ..... br>Dear all my learned colleagues, I would like to hear your opinions on the following matter regarding interest liability: an outward supply that should be reported in both GSTR-3B and GSTR-1, but wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s accidentally left to be reported in GSTR-3B in the year 2017-2018, resulting in a shortfall in tax paid, will interest be owed on that liability if it is set off from the credit ledger? Section 50 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tipulates that interest is payable on supplies made during the tax period and reported in the return for that period and return means accordance with the provision of Sec. 39 means GSTR-3B, interest s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be payable on that portion of the tax which is paid by debiting the cash ledger. Reply By Padmanathan Kollengode: The Reply: Yes. prima face interest will be applicable on the entire tax paid w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich is being paid belatedly. Since the supply was not reported in GSTR-3B for the respective tax period in which the supply was made, it is not covered under proviso to section 50. Reply By Padmanat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han Kollengode: The Reply: Also see Issue Id: - 118832. The legal provisions, compensatory nature of interest etc has been discussed in this post by experts. Reply By AMIT BATHAM: The Reply: Dear P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admanathan Kollengode Sir Thank you sir X X X X Extracts X X X X X X X X Extracts X X X X
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