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Delayed GST payments: Unpaid interest alone stands at Rs 46,000 crore

Delayed GST payments: Unpaid interest alone stands at Rs 46,000 crore

In an effort to boost goods and services tax (GST) collections, the Central Board of Indirect Taxes and Customs (CBIC) has sent a directive to zonal heads of the indirect tax department to recover a whopping Rs 46,000 crore from taxpayers on account of penal interests arising from delayed payment of tax with GSTR-3B returns. The last date for filing GSTR-3B for any month is 20th of the subsequent month; an annual interest of 18% is payable on the gross tax amount for any delay.

You are requested to look into the issue personally and to urge the field formations under your jurisdiction for making recovery of applicable interest from the identified taxpayers and to furnish weekly report of GSTIN-wise recovery of interest made in this regard,” CBIC member AK Pandey wrote to principal chief and chief commissioners on Monday.

Additionally, Pandey clarified that interest liability would be on the gross tax dues and not just on the cash component. “Doubts have been raised by the field formations on whether interest has to be paid on the gross tax liability or the net cash liability.

In this regard, the provision of section 50 (of the GST Act) are very clear that interest liability is required to be paid on the tax liability that is paid belatedly, either through cash or input tax credit. In other words, interest is required to be paid on total amount of tax liability as shown in GSTR-3B,” he added.

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