Govt Will Start Recovering 46000 crore interest on delayed GST payment

The Central Board of Indirect Taxes & Customs (CBIC) has asked GST officials to collect interest of nearly RS. 46,000 crores on account of delayed payment of the Goods & Services Tax (GST).

GST assessees (barring those with turnover up to Rs1.5 crores 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). GSTR 1 to be filed by 11th day of the following month and GSTR 3B by the 20th.

Interest payable on such delayed payment of tax can be recovered under the provisions of section 79 of the CGST Act read with section 75(12) which provides for various methods by which the proper officer shall proceed to recover any amount which is payable to the government.

There have been instances where assessees file GSTR 3B after the due date without paying interest on the delayed payment. The new order is related to this issue. According to law, the tax payer has to assess and pay interest on delayed payment of GST.

Further, interest payable on such tax payment can be recovered through various methods.

List of people or entites that have not paid the interest while filing GSTR 3B forms, late has been shared by the Principal Additional Direct General system. It has been found that Rs 45996 crore is unpaid interest amount.