Home Forum Goods and Services Tax - GST Month 11 2023 2023 (11) This
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interest on tax liabilty set off from the credit ledger - Goods and Services Tax - GSTExtract 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 was 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 stipulates 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 shall be payable on that portion of the tax which is paid by debiting the cash ledger.
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