interest on tax liabilty set off from the credit ledger

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..... 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 .....

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..... 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. - Reply By Padmanathan Kollengode - The Reply = Yes. prima face interest will be applicable on the ent .....

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..... ire tax paid which 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 Padmanathan 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 A .....

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..... MIT BATHAM - The Reply = Dear Padmanathan Kollengode Sir Thank you sir - interest on tax liabilty set off from the credit ledger - Query Started By: - AMIT BATHAM Dated:- 7-11-2023 Last Replied Date:- 10-11-2023 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - tax .....

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..... management - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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