Goods and Services Tax : Understand CGST Rule 42 for input tax credit reversal in mixed supplies. Learn when interest applies based on ITC utilization, as ...
Goods and Services Tax : Clarification on GST interest levy when tax is deposited in the Electronic Cash Ledger by the due date but GSTR-3B filing is delay...
Goods and Services Tax : Interest is levied on wrongly availed and utilized ITC under Section 50(3) of CGST Act. Learn how it's calculated and when it's ap...
Goods and Services Tax : Explore the distinction between interest on arbitrarily delayed and actual delayed GST payments under Section 50 of the CGST Act, ...
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 : 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 : Allahabad High Court directs payment of interest on delayed GST refund of ₹38.10 lakhs under Section 56 of the CGST Act, resolvi...
Goods and Services Tax : Supreme Court declines to interfere in the Special Leave Petition in the case of State of Bihar Vs Commercial Steel Engineering Co...
Goods and Services Tax : Explore the Gujarat High Court's judgment on CGST interest under Section 50, clarifying it's payable from deposit to electronic ca...
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 : 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...
Sub-Section 2 of Section 50 mandates interest is to be calculated in such a manner as may be prescribed. However, so far no notification is issued under this Sub-Section. Hence no interest is payable under the provisions of CGST Act, until the manner of calculation is notified under the provisions of Section 50(2) of CGST Act.
Again in Sec. 50(1), the word used ‘Tax’ and not ‘Total Tax Liability’, so interest should be calculated on net tax amount which is to be paid in cash. So it is quiet crystal clear that the intention of the legislature is to levy interest only on the Tax amount [arriving after claiming Input Tax Credit from Output Tax liability ] which is to be paid in cash through NEFT etc mode.
We have received the aforesaid notice/advisory in which we have been directed to deposit the interest for late payment of Taxes (GST). In this regard we would like to submit as follows:- That the aforesaid notice does not indicate the section or provision under which the same has been issued. It appears that the aforesaid notice has not been issued as per the provisions of law.
Before penalizing the assessee by making him pay interest, the principles of natural justice ought to be complied with before making a demand for interest under sub section (1) of Section 50 of the GST Act. Consequence of demanding interest and non-payment thereof is very drastic.
Kindly note that we have been issued a demand notice stating that there was a delay in filing of GSTR 3B for the period of July’2017 to Dec’2019 and accordingly we are liable to pay interest under section 50 of the CGST Act, 2017.
Whether Levy Of Interest Under GST Act 2017 Is Valid And Whether The Levy Of Interest Should Be Levied For The Delay In Filing The Return, Is There Any Provision?
Since GST has been Implemented Every Day a New hurdle is taking place in GST compliances Government is trying to do various experiment. As from several months the government Revenue from GST is constantly Decreasing the government changed the Rules & Conditions for claiming the Input Tax Credit (ITC) in GSTR-3B CBIC has inserted the new Sub-rule […]
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. […]
Nag Vidarbha Chamber of Commerce has made a Representation and suggestions on few provisions under GST which includes suggestions on provision of Sec. 16(4) of CGST Act 2017 which lays down the condition to take input tax credit by a dealer in books of accounts within a prescribed due time, Levy of Interest under Section […]
Considering facts that as per Section 50 of the Central Goods and Services Act, 2017, interest is payable on the delayed payment of tax and that as per the interest statement filed along with the impugned letter, dated 07.02.2020, there was delay in filing GSTR-3B and hence, interest on ‘cash set off’ and ‘ITC set off’ has been calculated and payment thereof has been asked for, recovery of interest against the petitioner, insofar it relates to `I.T.C. set off, shall remain stayed.
