Goods and Services Tax – GST – By: – CA.Narendra.Kumar Thotamsetty – Dated:- 13-3-2019 Last Replied Date:- 14-3-2019 – If the GST Returns are due in Form GSTR-3B; Whether in such case the amount lying with Electronic Cash Ledger (e-Cash Ledger) is sufficient for the compliances of the payment of taxes under the GST Act is question? If not, whether interest is payable at the time of filing of returns in Form GSTR-3B is question? Query – ABPL is a Private Company registered Under the GST Act didn t file its Nov 2018 GST Returns in Form GSTR-3B, but discharged tax in ₹ 5,00,000/- on 20th Dec 2018 against its liability of ₹ 600,000/-. Now at the time filing of returns in Form GSTR-3B, ABPL wanted to pay interest on what amount is q
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11. Further one may look that the 31st GST council Meeting recommendations, where it was dealing only for a proposal of amendment of Sec 50 of the CGST Act in relation to interest on net payment of taxes after considering the input tax credit and the same has been clarified further that the interest would be leviable only on the amount payable through the electronic cash ledger. Further as on date that the above proposal is still due through an amendment of the respective acts. Hence one may argue that the e-Cash ledger is akin to users Scheduled Bank account and the Govt can realize such money through prescribed procedure by offsetting GST liability through GST Returns and held that Interest is payable. Hence it s highly advisable all taxp
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on the online payment Challan, such deposit is credited to Government Account. Note that tax break-up is required to be filled in the Challan. Even Section 50(1) nowhere says that interest will be reckoned upto the date of filing GSTR3B (which is substituted for GSTR-3 in cases where filing dates for GSTR-1 and so-called GSTR-2 were postponed). Moreover, Notifications 35/2017-CT and 56/2017-CT merely say that those filing GSTR-3B, shall debit e-Cash/ Credit Ledger. These do not clearly say that GSTR-3B is the only mode of debiting such ledgers and the Act no where says that such return shall be construed as tax-paying document (not the Challan per se). Further, Section 54 does not allow withdrawal of amount deposited in e-Cash Ledger unles
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