Goods and Services Tax – Started By: – Jatin Kumar – Dated:- 30-11-2017 Last Replied Date:- 2-12-2017 – Sir, We have not filed GSTR 3B Return for the month of October, 2017 due to tax fully not paid. We have already done payment of ₹ 2,00,000 out of ₹ 3,25,000 GST Liability after avail of ITC. My question is which amount taken for interest calculation for GST late payment ₹ 1,25,000 (325000 – 200000) or 3,25,000 (Rs. 2,00,000 balance in Electronic Cash Ledger) ? Regards, Jatin Kumar – Reply By KASTURI SETHI – The Reply = Rs.1,25,000/- Reply By CS SANJAY MALHOTRA – The Reply = ₹ 3,25,000/- as return submitted but no tax payment made as of now. Deposit of cash does not mean that the liability has been paid off till th
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on this part. That is payment is made but liability is not offset so interest need to be paid. – Reply By CS SANJAY MALHOTRA – The Reply = Sh. Ganeshan ji, It's admitted fact that the assesse can claim refund of funds lying in E-Cash Ledger anytime from the department as the money belongs to assessee. Govt stands to benefit only when the debit entry is made and furthermore Govt considers revenue realised as Revenue Collection. Board has clarified this aspect in Circular No. 7/7/2017-GST dated 01.09.2017 (Para 11 & 12) issued for System based Reco of GSTR-3B Submission of GSTR-3B without payment of taxes: 11. Where, for some reasons, the registered person has only submitted the return in FORM GSTR-3B and has not made the payment of t
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before the due date. Even in earlier law, if amount is deposited in PLA, until the same is debited, it's assessee money and not Government funds. – Reply By Ramaswamy S – The Reply = Interest is on full amount.With due regards to experts, would like to bring to the notice that there is a recent Apex court judgment (Few days back) wherein it is said that the deposit in PLA is the payment of taxes. The govt should amend the gst provisions in line with the Apex Court ruling.Thanks. – Reply By CS SANJAY MALHOTRA – The Reply = Apex Court Judgement is in reference to deduction allowed under Income Tax Act for money lying in PLA account. Furthermore, the ground taken was Excise Duty is on Manufacture but payable at the time of removal, hence a
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