Delay in payment of GST is Rs. Movement to collect interest amount of Rs 43000 crore

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Mumbai, Ta. 13 February 2020, Thursday

The Central Board of Indirect Taxes and Customs has instructed the GST officials to recover the interest amount of Rs 5 crore from the Goods and Services Tax (GST) payment for deferred payment. However, any such exercise does not rule out the possibility of increasing the court cases, as well as the harassment of taxpayers.

GST taxpayers have to file two returns, apart from those with a turnover of up to Rs 1.5 crore and who have opted for a composite scheme. One GSTR-3 that shows the tax liability and the other GSTR-1B shows the amount of tax paid. GSTR is to be filed by day 1 of the following month and by the 20th day of GSTR3B.

There are several instances in which taxpayers pay GSTRB after maturity and without paying interest on deferred payment. The new order issued by the board aims to circumvent this system.

According to the law, taxpayers have to pay interest on deferred payments, the board said in a letter to the GST Principal Chief Commissioner. There are several methods of collecting interest payments on such payments.

The calculation made by the Tax Department and the taxpayers who filed the GSTRBB deferments is estimated to result in an aggregate amount of Rs 5 crore from interest.

It is worth mentioning here that when the current fiscal year is approaching the end of the year, the government is suspected of achieving GST recovery target. The economic downturn has impacted GST recovery, which has resulted in the Center delaying payment of funds to the states.

The government has set a target of recovering CGST in the financial year 6-8 crore at Rs 1.8 lakh crore and is aiming to recover Rs 1.8 lakh crore as compensation cess.


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