Interest related
Query (Issue) Started By: – Ramesh Prajapati Dated:- 21-9-2018 Last Reply Date:- 10-10-2018 Goods and Services Tax – GST
Got 10 Replies
GST
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 December, 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
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he Return "for the month" in which it is filed
As the Additional ITC (Rs.70000/-) is 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 considering 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 p
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