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Interest Payable on Gross GST Liability, as

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Interest Payable on Gross GST Liability, as

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  1. Interest Payable on Gross GST Liability, as Declared in GSTR-3B: CBIC

  2.  Interest on Delayed GST: The Current Situation • On 1st February 2020, the Principal Additional Director General of Systems has shared a list. The list features the taxpayers who haven’t paid the interest due amount at the time of filing the GSTR-3B returns. GSTN has prepared the list according to GSTIN numbers of the identified taxpayers. As per the report, GSTN has observed that the interest amounting to Rs. 45,996/- crores (Forty-five thousand nine hundred and ninety-six crores) remains unpaid to the Government. The Principal Additional Director General of Systems has shared this report on the SFTP portal. On sharing this his aim was to initiate the process of recovery in the shortest

  3. Why did the CBIC Release Such Notice? • The CBIC has rolled out this notice after confusion raised by the field formations. The confusion was whether the amount of payable interest depends on the net cash liability or on the amount of gross tax liability.  • On a similar matter, Hon’ble High Court of Telangana has passed precedent in the matter of Megha Engineering and infrastructure limited, 2019-VIL-175-TEL.The High Court has clarified that the gross amount should be considered for computation of interest on delayed GST, not net amount

  4.  Interest on Delayed GST: Clarification Through Twitter • Since the inception of GST, apart from notifications and circulars, the department is also using Twitter as a mode to share information with taxpayers and also providing clarification on various issues from time to time. CBIC has shared the information on their official pages. • In the matter of ambiguity around the payment of interest on gross or net liability, CBIC has provided clarification through tweets. Wherein it clearly provided that interest is payable on the gross amount of GST liability.

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