Interest on delayed GST payment will be calculated on net tax liability
Updated : February 15, 2020 07:53 PM IST
The CBIC said GST laws, as of now, permit interest calculation on delayed GST payment on the basis of gross tax liability. This position has been upheld in the Telangana High Court's decision dated April 18, 2019.
Businesses, other than those under the composition scheme, registered under goods and services tax (GST) have to file returns (GSTR-1) showing tax liability by 11th of following month and pay taxes by filing GSTR-3B by 20th.