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...
Interest is to be charged on net tax liability only since what taxpayer is supposed to pay had he file his return. Even Amendment made by Finance Act 2019 is giving some logical explanation to section 50 (1) of CGST Act 2017 hence even if government does not notify as prospective, it should be read as retrospective as held by the courts.
Article compiles Format of Draft Letter / reply against Section 50(1) GST Interest demand in respect of the Delayed payment of the Tax amount on account of Late filing of the GSTR 3B Return. Dear Sir, R: M/s. _____________ GSTN : Your Letter No.———- dated——- in respect of Interest Due U/s 50(1) received through mail. […]
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 […]
INTEREST was, Interest is and it will always be charged on NET LIABILITY Section 50 of CGST Act, 2017 In this article author tries to unfold the mystery of interest as per section 50 of CGST Act, 2017 with backdrop of recent judicial, departmental and Twitterial development For the sake of brevity section 50 of […]
Madras HC in its recent decision in the case of Refex Industries Limited v. Assistant Commissioner of CGST & Central Excise has held that interest u/s 50 of CGST Act can be levied only on belated ‘cash’ component of tax and not on ‘ITC’ component.
The Saga of Interest on Gross Liability on delayed payment of GST liability This article details the roller coaster journey of interest liability under GST. Goods and Services Tax Act, 2017 has come into effect from 01.07.2017, it is the youngest indirect tax law in the basket of all existing and extinct indirect taxes laws […]
In past few days there has been lot of debate on which amount, interest under section 50 of the CGST Act shall be levied i.e on Net tax liability (tax paid by cash) or on Gross tax liability in case of delayed payment of tax. Before going head, let us read the section 50. Section […]
The Issue of interest levy under GST is for periods- from 01st July 2017 to effective date of amendment to section 50 of CGST Act as per Union Budget 2020. As the amended section 50 of CGST Act, now levies interest on Net Amount. However, the GST department wants Interest to be charged on gross amount for above period and whereas taxpayers and various courts want it on Net Amount.
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 […]
Draft Format of Reply / Submission against notice seeking recovery of interest on the gross tax dues on account of delayed filing of GSTR 3B. To, Commissioner, Central/State GST, Commissionerate ____ Respected Sir/Madam, Re.:- Notice dated ___________ seeking recovery of interest on the gross tax dues on account of delayed filing of GSTR – 3B […]
