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...
In the case of Megha Engineering and Infrastructures Ltd. High Court has directed that to GST Department that in the event interest is not paid under Section 50 thereof, there shall be a direction to respondent to not to initiate any coercive action against the petitioner until further orders.
Interest provisions in GST law are covered under section 50(1) and section 50(3) of Central Goods and Services Tax Act, 2017. Section 50(3) specifies that interest rate should not exceed 24% p.a. and intends to exclusively cover cases of contravention as per section 42 (10) and section 43 (10). Whereas section 50 (1) is a […]
The services under consideration is covered under the above Notification. Therefore, such services are exempted from payment of GST and the lending company is not required to discharge GST on the activity of providing services by way of extending deposits, loans or advances where the consideration is represented by way of interest.
As per section 50(1) of CGST Act 2017, every person who is liable to pay tax in accordance with the provisions of this act or rules made thereunder but fails to pay tax or any part thereof to the government within the prescribed time then he shall for the period for which the tax or any part thereof remains unpaid, pay on his own “Interest at such rate” not exceeding eighteen per cent as may be notified by the government on the recommendation of the council.
Whether GSTR-3B is not a return? Absolutely not. Beyond any doubt GSTR-3B is a return. Merely, it is not a return u/s 39. It is a return prescribed u/r 61(5) which has its relevance till the time the GSTR-2 and GSTR-3 are not finally brought to the common portal.
Interest liability in terms Section 50 of CGST Act/SGST Act after proposed amendment to Section 50(1) vide Finance Bill 2019 There are divergent views on rationality of charging interest on gross liability of tax even though the Tax Payer (TP) has got certain amount in his credit ledger to discharge part of his tax liability […]
Recently, section 50 of Central goods and services tax act was amended to provide that interest will now be charged on only that portion of the GST liability which is paid by debiting the electronic cash ledger. The present rate of interest on the delayed payment of tax liability is 18% per annum on unpaid […]
Section 50 of CGST Act 2017, deals with Interest on delayed payment of GST tax. The same reads as under: (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government […]
The Union Budget 2019 presented by Hon’ble Finance Minister Mrs. Sitharaman on 5th July 2019 has inserted a Proviso to remove the doubt over the interest for late payment of GST that whether the interest would be charged & payable on ‘Gross Tax Liability’ or only on ‘Net Tax Liability’. The confusion was there because […]
Interest, in common parlance, is understood to be the cost of borrowing money. Alternatively, it is a compensation paid to the lender who could have benefited in value had he not parted with the money. In simple terms, interest is payable only when there is a loss of commercial opportunity of usage of funds. The […]
