Goods and Services Tax : The article examines whether automated interest notices for FY 2019–20 can survive after limitation under Section 73 has expired...
Goods and Services Tax : The article argues that refunds arising from the Supreme Court’s ruling in Mohit Minerals fall squarely within the proviso to Se...
Goods and Services Tax : The Andhra Pradesh High Court held that refund arising from an unconstitutional GST levy carries a constitutional right to interes...
Goods and Services Tax : The ruling clarifies that interest on pre-deposit refunds starts from the payment date, not after 60 days, ensuring full compensat...
Goods and Services Tax : A new amendment effective from January 2026 limits GST interest to the unpaid portion of tax after considering ITC and minimum cas...
Goods and Services Tax : In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) ...
Goods and Services Tax : CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June 2020. No...
Goods and Services Tax : Key outcome of 40TH GST council meeting – The 40th GST COUNCIL met under the chairmanship of Union Minister for Finance & Co...
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...
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 ...
Goods and Services Tax : The Karnataka High Court held that courts cannot direct GST authorities to waive statutory interest, penalty, or limitation merely...
Goods and Services Tax : The Karnataka High Court held that interest under Section 50 of the CGST Act is mandatory and cannot be waived without statutory a...
Goods and Services Tax : The Andhra Pradesh High Court held that depositing money into the electronic cash ledger does not discharge GST liability. Tax is ...
Goods and Services Tax : The Court held that penalty under Section 73 cannot be imposed without justification even where tax liability is admitted. It allo...
Goods and Services Tax : The case clarifies that Section 74 requires clear evidence of fraud or wilful suppression. Mere reliance on third-party alerts wit...
Goods and Services Tax : CBIC Circular No. 192/04/2023-GST provides clarification on charging interest for wrong availment of IGST credit and its reversal ...
Goods and Services Tax : CBIC notifies the provisions of clause (c) of section 110 and section 111 of the Finance Act, 2022. Section 110 of Finance Act, ...
Goods and Services Tax : Govt provides waiver of interest for specified electronic commerce operators for specified tax periods vide Notification No. 08/20...
Goods and Services Tax : Deployment of Interest Calculator in GSTR-3B 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Por...
Goods and Services Tax : GST Portal will now provide system computed interest in GSTR-3B to facilitate taxpayers in self-assessment. Interest will be compu...
Analysis of interest provision w.r.t. section 50(1) under Central Goods & Services Tax Act (CGST Act), 2017 Background The proviso to Sec 50(1) of the CGST Act was first introduced vide Finance (No. 2) Act, 2019 dated 1 August 2019. The relevant extract of the provisions are enumerated herein below : “It states that the […]
Prospective Effect is not at all a Problem – Interest on GST liability “Every single move in life have Double Effect i.e. prospective as well as Retrospective” Introduction Interest is always considered as compensatory in nature and it has been imposed on a registered person who has failed to pay the tax liability within the […]
Introduction: Before implementation of GST, government was planning to collect good fund through it but it remains the dream and actual fund collection continuously remain short from the budgeted value. Now, government is planning to collect approx. 46000 crore through interest on delayed payment of tax. Notices has started to the assesse and it makes […]
The taxpayers contended that interest on delayed payment of GST should be levied on the net tax payable i.e. amount debited from electronic Cash Ledger whereas the department contended that interest should be levied on the gross amount of tax payable.
In the light of above discussion, it is clear that, interest in taxation matters has to be levied as a compensation for deprival of entitled funds to revenue within due date. Whereas with respect to input tax credit, such amounts are already being collected by the revenue from the supplier of the taxpayer and levying of interest from the hands of the recipient i.e. taxpayer would unjustly enrich the revenue which is against the principle of levy of interest.
Section 100 of the Finance Act (No. 2), 2019 has been notified on 25/08/2020 vide Notification no. 63/2020-Central Tax Dated 25.08.2020. Strong reactions have been witnessed in last few hours after the aforesaid notification made public. Let us recall the total issue before making any bold reaction.
Central Board of Indirect Taxes and Customs i.e., CBIC issued Notification Number 63/2020 – Central Tax dated 25th August 2020 regarding effective date of notification from 01-Sep-2020 with respect to section 100 of the Finance (No.2) Act, 2019 (23 of 2019) which inter alia discusses about levy of interest under section 50 of CGST Act […]
CBIC today clarified that Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations.
जीएसटी की एक और विवादास्पद अधिसूचना जारी जीएसटी की एक और विवादास्पद अधिसूचना संख्या 63/2020 दिनांक 25 अगस्त 2020 जारी की है जिसके अनुसार जीएसटी में नेट टैक्स पर ब्याज लगाने का प्रावधान अब 1 सितम्बर 2020 से लागू होगा जब कि प्रारम्भ से ही यह प्रावधान ग्रॉस टैक्स पर लगने वाले ब्याज का प्रावधान […]
It is quite obvious that if the notification of CBIC i.e. Notification No. 63/2020 is to be considered as prospective only, the department or the union is accepting that the levy of interest on gross tax liability without deducing the input tax credit to taken from the electronic credit ledger available therein which is amenable to adjustment by the departmental authorities with considering the orders of the various High Courts which stayed the interest on gross levy of tax as unjust and improper.
