Goods and Services Tax - This letter is addressed to the Finance Minister of India, representing the Advocates’ Tax Bar Association. It requests a reduction in the interest rate charged under the Goods and Services Tax (GST) Act. The letter highlights the burden the current 18% per annum interest rate places on businesses, impacting their growth and economi...
Goods and Services Tax - The Central Board of Indirect Taxes & Customs (CBIC) has issued a series of circulars numbered from 192/04/2023-GST to 199/11/2023-GST on 17th July 2023. These circulars address various areas in the Goods and Services Tax (GST) regime that required clarification. This article provides a summary and analysis of these important circular...
Goods and Services Tax - Confused about the rate of interest on ITC reversal and delayed payment of GST? This article clarifies the legal provisions and amendments regarding interest rates, including the retrospective changes, for better understanding....
Goods and Services Tax - Under the Goods and Services Tax (GST) regime, taxpayers are required to comply with various provisions, including the timely payment of GST liabilities and claiming refunds when applicable. The law also specifies the payment of interest in cases of delayed payment of GST or delayed refund of GST. Under the Goods and Services Tax (GST) [&...
Goods and Services Tax - INTRODUCTION:- The Government of India has specified the due dates to pay Goods and Services Tax. The due date to pay GST is different for different types of taxpayers. If one fails to pay GST within the due date, one must pay the interest along with the GST dues for the delay period. RELEVANT SECTION […]...
Goods and Services Tax - In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained b...
Goods and Services Tax - CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June 2020. Notifications are for notifying relaxation in GST Interest Rate & Late Fees with respect to Form GSTR 3B, For notifying Waiver of Late Fees for GSTR 1, Notification of Due dates of GSTR 3B, Amendment [&hellip...
Goods and Services Tax - Key outcome of 40TH GST council meeting – The 40th GST COUNCIL met under the chairmanship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman here today. Read- Recommendations of 40th GST council related to Law & Procedure Summary of Relief granted by 40th GST Council Meeting to taxpayers Period Category of ta...
Goods and Services Tax - Ahilya Chamber of Commerce and Industry has made a request to Prime Minister of India to instruct CBIC through Finance Ministry to stop imposing unjust interest on GROSS TAX for belated payment of tax and returns despite its having agreed earlier, in its 31st meeting, that interest is payable on NET Tax liability only. Full […]...
Goods and Services Tax - CBIC has issued a Series of Tweet on 15th February 2020 and justified interest calculation on delayed GST payment on the basis of gross tax liability. Excerpt of Tweets is as follows:- There are some discussions in social media w.r.t. interest calculation on delayed GST payments post a few media reports regarding Rs. 46000 Cr […]...
Hilton Garden Inn Vs Commissioner of Kerala Goods And Service Tax Department (Kerala High Court) - Kerala High Court recently addressed the issue of levying GST interest and penalties for the delay in filing GSTR-3B after the cancellation of the Goods and Services Tax Identification Number (GSTIN). ...
Sri Priyanga Agencies Vs Assistant Commissioner of CGST & Central Excise (Madras High Court) - Sri Priyanga Agencies Vs Assistant Commissioner of CGST & Central Excise (Madras High Court) In a case between Sri Priyanga Agencies and the Assistant Commissioner of CGST & Central Excise, the Madras High Court has issued a common order. The court has disposed of the main writ petition and ...
Voltech O And M Services Private Ltd. Vs Superintendent of GST And Central Excise (Madras High Court) - HC held that Section 50 of the GST Act can be applied demanding interest only in cases of belated cash payment towards GST, but not on input tax credit available all the while with the department to the credit of the assessee....
Grundfos Pumps India Pvt Ltd Vs Joint Commissioner of GST & Central Excise (Madras High court) - When ITC has been wrongly availed and utilized with a revenue impact, that interest liability is attracted. Making it clear that it is only in situations where there is a revenue impact that interest will become chargeable....
K.Baskaran Vs Assistant Commissioner (ST) (Madras High Court) - K.Baskaran Vs Assistant Commissioner (ST) (Madras High Court) Impugned order levies interest under Section 50 as well as penalty under Section 73(9) of Central Goods and Services Tax Act, 2017, over and above, reversal of Input Tax Credit (ITC). Admittedly, there was no proposal in the pre-assessmen...
Circular No. 192/04/2023-GST - (17/07/2023) - CBIC Circular No. 192/04/2023-GST provides clarification on charging interest for wrong availment of IGST credit and its reversal under section 50(3) of the CGST Act, 2017. The circular addresses the utilization of wrongly availed IGST credit for interest calculation and the exclusion of compensatio...
Notification No. 09/2022–Central Tax [S.O. 3070(E)] - (05/07/2022) - CBIC notifies the provisions of clause (c) of section 110 and section 111 of the Finance Act, 2022. Section 110 of Finance Act, 2022 related to amendment in Section 49 of of CGST Act, 2017 and section 111 of the Finance Act, 2022 relates to amendment in section 50 of the Central Goods and Services...
Notification No. 08/2022-Central Tax, [G.S.R. 429(E).] - (07/06/2022) - Govt provides waiver of interest for specified electronic commerce operators for specified tax periods vide Notification No. 08/2022 –Central Tax, Dated: 07.06.2022. Interest waived for certain e-commerce operators who could not file FORM GSTR-8 due to technical glitch on the Portal. The waiver is...
Press Release No. 520 - (26/01/2022) - Deployment of Interest Calculator in GSTR-3B 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis...
Press Release No. 519 - (08/01/2022) - GST Portal will now provide system computed interest in GSTR-3B to facilitate taxpayers in self-assessment. Interest will be computed in accordance with the Section-50 of the CGST Act, 2017 and proviso thereof, as amended. Interest on liability for the present period shall be computed only on the po...
Hilton Garden Inn Vs Commissioner of Kerala Goods And Service Tax Department (Kerala High Court) -
Circular No. 192/04/2023-GST - 17/07/2023
Sri Priyanga Agencies Vs Assistant Commissioner of CGST & Central Excise (Madras High Court) -
Voltech O And M Services Private Ltd. Vs Superintendent of GST And Central Excise (Madras High Court) -
Grundfos Pumps India Pvt Ltd Vs Joint Commissioner of GST & Central Excise (Madras High court) -
K.Baskaran Vs Assistant Commissioner (ST) (Madras High Court) -