Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Interest payable on Delayed Tax to be calculated on Total Tax Liability as filed in GSTR-3B: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has said that taxpayers who have filed their returns in GSTR-3B Form are required to pay interest on the total amount of tax liability shown in the form.

The CBIC issued such notice after doubts were raised by field formations, whether the interest has to be paid on gross tax liability or on the net cash liability. The GSTR-3B Tax Liability notice stated section 50 (1) of the Central Goods and Service Tax (CGST) Act and stated that the provision is very clear on the tax liability in this regard.

The Board has requested all Principal Chief Commissioners and Chief Commissioners of Central Tax to look into the issue personally and to urge the field formations under their jurisdiction for making recovery of applicable interest from the identified taxpayers and to furnish a weekly report of GSTIN wise recovery of interest made in this regard.

Read more at: https://www.taxscan.in/interest-payable-delayed-tax-calculated-total-tax-liability-filed-gstr-3b-cbic/48560/

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