GST Compliance Delayed in payment of GST then Interest to be paid on net GST liability from Sep 1, 2020.

Delayed in payment of GST then Interest to be paid on net GST liability from Sep 1, 2020.

Delayed in payment of GST then Interest to be paid on net GST liability from Sep 1, 2020.
  • September 2020 as the date of the entry into force of the provisions of Section 10 of the Delhi Goods and Services Tax (Amendment) Act, 2019 (Delhi Act 06 of 2019)"
  • The Government has admitted that interest on late payment of goods and services tax (GST) will be charged on net tax liability with effect from 1 September.
  • Although on 25 August, the CBIC notified 1 September 2020 of the date on which interest would've been charged on net tax liability.
  • Subsequently, in the CBIC statement, it was clarified that the Notification of Interest on Delayed Payment of GST was filed in the future due to certain technical limitations.
  • "However this has informed that no recoveries shall be made for the period considered as well by the Central and State tax administration in accordance with the recommendation taken in the 39th Meeting of GST Council. This will allow proper relief to the taxpayers as decided by the GST Council," the spokesman added.
  • Net GST liability is incurred after deducting the input tax credit from the gross GST liability.
  • Therefore the calculation of interest on gross GST liability increases the burden of payment on businesses. There've been cases where GST assesses paid taxes after the due date but did not pay the interest due on consideration of late payment. There were doubts as to whether the interest had to be paid on gross tax liability or on net tax liability. Interest at the rate of 18% is levied on late payment of taxes.

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