Goods and Services Tax : Explore the 53rd GST Council's decision on interest applicability under Section 50 of CGST Act and the new GSTR-1A amendment facil...
Goods and Services Tax : Understand GST interest implications: How interest is calculated, legal provisions, recent judgments, and impact on taxpayers' com...
Goods and Services Tax : Explore implications of depositing GST via PMT 06 before filing GSTR-3B. Learn about tax payment deadlines, interest liabilities, ...
Goods and Services Tax : Explore the Madras High Court ruling in Eicher Motor Ltd. v. Superintendent GST, stating no interest on GST if deposited on time, ...
Goods and Services Tax : Explore the Madras High Court's landmark decision (W.P.Nos.16866 & 22013 of 2023) on GST liability. Learn how crediting GST to the...
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 : Explore the Telangana High Court's judgment on interest under Section 54 of the CGST Act, 2017, for delayed refund of Input Tax Cr...
Goods and Services Tax : Explore the Madras High Court judgment on challenging a bank attachment notice over GST interest liability. Detailed analysis and ...
Goods and Services Tax : Explore the judgment of Punjab & Haryana High Court in SBI Cards vs Union of India case regarding refund claims under CGST Act, in...
Goods and Services Tax : Dive into the case of Larsen & Toubro Ltd. Vs State of West Bengal, where the Calcutta High Court resolves an interest dispute und...
Goods and Services Tax : Calcutta High Court rules no interest on wrongfully availed but unutilized ITC, aligning with GST Circular No. 192/04/2023 and pri...
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...
Issuance of Show Cause notice u/s 73 of the Act is essential to proceed with the recovery of interest payable thereon under Section 50 and further held that Sec 75(12) of CGST Act is applicable only to the self-assessment made by the assessee and not to quantification or determination made by the Authority and hence by virtue of said section authorities are not empowered to proceed with recovery of interest without issuing Show Cause Notice on account of principle of natural justice.
History of Interest under GST When the GST got introduced from 1st July 2017, quite a number of registered persons were struggling to come to terms with the change in the systems, policies and procedures that was brought by the new regime. This resulted in some of the major compliance decisions getting impacted such as […]
Mahadeo Construction Co. Vs Union of India (Jharkhand High Court) High Court held that interest liability under section 50 is although automatic, but it’s computation and demand can be raised only after initiation of Adjudication proceedings under Section 73 or 74 in case the assesse disputes the demand of interest. Whether garnishee proceedings under Section […]
Many of the registered persons are receiving notices to pay interest on GROSS liability for delay in filing of GSTR 3B returns in case of failure to pay so the department may initiate recovery proceedings under sec 79, because of which there is as huge confusion among the registered tax payers regarding calculation of interest.
1. Deferment of the new GST return system and e-invoicing to 1st October 2020. The present return system (GSTR-1, GSTR-2A & GSTR-3B) will be continued until September 2020. 2. Changes in the GST rates GST on mobile phones and specified parts was increased from 12% to 18%. All types of matches have been rationalised to […]
The all empowered GST Council (GSTC) had its 39th meeting on 14th March, 2020. The meeting deliberated with a three pronged focus, viz, changes in law and procedure for trade facilitation, GST rates rationalization and I.T. facilities. The GSTC also took certain decisions to defer the new facilities/utilities and/or extend the due dates and date […]
Under GST, payment of tax is accompanied by a return. GSTR 3B is a simple return form introduced by the CBIC which is to be filed by 20th of the following month. Wherein only total values for each field have to be provided, this value must be for the month for which return is being […]
As Central Government has extended due date for filing Form GSTR 3B on various occasions for various class of person, for various states etc. Whether Central Government is right in demanding interest on late payment of liability from original due date of filing Form GSTR 3B? or extension of due date is applicable only for waiver of late fees?
The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date. However, there was an ambiguity as to whether the interest has to be paid on Gross Tax liability (i.e. the total output tax) or on the Net Tax Liability (the Tax liability to be paid in cash after adjusting the Input Tax Credit).
A much-awaited relief has finally arrived in terms of relaxation and deferring many compliances, whether it is about E-Invoicing or GST Audit for the financial Year 2018 – 2019 in the 39th GST Council meeting which took place on 14/03/2020. The rationale behind this is very clear logical as we have just finished the Audit […]