CBIC UPDATE :Interest payable on Delayed Tax to be calculated on Total Tax.

HEADLINES CBIC issues Standard Operating Procedure for Field Formations for Examining and Forwarding Representations of Taxpayers to GSTN [Read Circular] Interest payable on Delayed Tax to be calculated on Total Tax Liability as filed in GSTR-3B: CBIC CA Atul Gupta elected as New President of ICAI Rajasthan HC grants bail to Chartered Accountant accused of wrongly availing Input Tax Credit [Read Order] GST Paid on Maintenance Charges by Co-operative Housing Society, not eligible to claim ITC in the cases of Replacement of Existing Elevator: AAR [Read Order] 18% GST applicable on Transformers supplied to Indian Railways: AAR [Read Order] No Exemption on TDR or FSI for Construction of Commercial Apartments: AAR [Read Order] Securities Exchange is entitled to exercise its Right of Lien on Security Deposits, reiterates Bombay HC [Read Judgment] CBIC destroys Large Quantities of Narcotics and Psychotropic Drugs and Substances across the Country Finance Ministry takes Measures to Curb irregularities in GST Claims CST & VAT / GST | HEADLINES | TOP STORIES Interest payable on Delayed Tax to be calculated on Total Tax Liability as filed in GSTR-3B: CBIC February 12, 2020 8:05 pm| By : Siddharth Nair 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 regards
Source: CBIC