Officials move to recover Rs.46,000 Crore interest on delayed GST payment

According to experts, this move of collection of delayed interest amounting to RS. 46000 Crore will give rise to more litigations and that might cause inconvenience to the taxpayers. GST assessees (barring those with turnover up to ₹1.5 crore and who have opted for the composition scheme) need to file two monthly returns — GSTR 1 (shows tax liability) and GSTR 3B (actual tax payment). Accordingly, there had been many instances when assessees filed GSTR 3B after the due date without paying interest on the delayed payment. Special Secretary and Member in the Board, AK Pandey, in a letter to the Principal Chief Commissioner and Chief Commissioner, said that according to law, the tax payer has to assess and pay interest on delayed payment of GST.

https://www.thehindubusinessline.com/economy/officials-move-to-recover-46000-cr-interest-on-delayed-gst-payment/article30802981.ece#