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 : The Allahabad High Court held that under Section 75(7) CGST Act, tax authorities cannot demand amounts beyond what is specified in...
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 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 : The Court ruled that reversal of ITC after a long delay does not negate interest liability. It emphasized that interest arises fro...
Goods and Services Tax : The Court held that issuing two interest demands for delay in filing GSTR-3B for the same period amounted to duplication and doubl...
Goods and Services Tax : The Court found that the dispute pertained solely to mandatory interest on delayed tax payment, leaving no scope for challenge. It...
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...
CBIC notified Proviso to Section 50(1) of CGST Act, 2017 – Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020 and on Gross Liability till 31st August 2020. Section 50 of CGST Act 2017 was amended by Finance (No. 2) Act, 2019 (23 of 2019) by inserting a proviso to […]
Prasanna Kumar Bisoi Vs Union of India (Orissa High Court) In a recent ruling passed by Hon’ble Orissa high court, held that w.r.t. interest liability for delayed payment of GST under Section 50(1) of the CGST Act, 2017, is required to be paid on net cash tax liability in view of the decision taken by […]
Interest on delayed GST payment- Whether automatic or adjudication is called for -Saga continues In my earlier article, case of M/s LC Infra Projects Pvt Ltd [ Writ Petition No. 28876 of 2019 (T-RES, Karnataka High court) ] was highlighted wherein department issued demand notice for recovery of interest and also served a letter for […]
1. In view of the outbreak of Covid-19 , the Government has come up with few Notifications on 24th June 2020, for extending the various due dates for filing GSTR -3B return. CBIC vide Circular No. 141/11/2020 – GST dated 24th June 2020 has clarified the manner of calculation of interest for delay in filing […]
Interest to be considered in Aggregate Turnover or not? I think this could be a question of many and many of us might have taken a simple stand GST is not applicable on Interest received on Fixed Deposits, Interest on PPF, or Interest on Savings Banks therefore let’s not consider it while calculating aggregate turnover […]
1. Introduction: Interest is compensatory in character and is imposed on a registered person who has withheld payment of any tax as and when it is due and payable. It is a settled principle1 that interest is a mere accessory to the principal which has no independent existence of its own. Accordingly, interest is payable […]
Interest is payable on the net tax liability (output tax―input tax), which can be termed as Tax remained unpaid, as per section 50 of CGST Act, 2017
Every legislature which contain the provisions for collection of taxes, duty or other amount also contains the provisions for interest on late payment or non-payment of such amount. Just like other legislatures, GST act also contains the provision for levy of interest on delay or non-payment of GST. However, quantum of interest to be levied […]
Simplified GST series- Section 50/CGST Act 2017 Section 50- Interest on delayed payment of tax (GST) (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or any part thereof to the Government within the period […]
Article contains GSTR-3B and GSTR-1 waiver of Interest and Late fee Waiver Dates- GSTR-3B Return Interest and penalty Waiver Dates –Based upon Aggregate Turnover in the Preceding FY More than or upto Rs. 5.00 Crore, and GSTR-1 Late fee Waiver Dates-as notified by CBIC on 24th June 2020 incorporating Notification No. 57/2020-Central Tax dt.30.06.2020. > […]
