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 : 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 : 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...
Patna High Court directs AO to reconsider interest charges in SYV Motors vs. State of Bihar under GST, citing retrospective amendment to Section 50.
Kerala High Court recently addressed the issue of levying GST interest and penalties for the delay in filing GSTR-3B after the cancellation of the Goods and Services Tax Identification Number (GSTIN).
Advocates Tax Bar Association urges Finance Minister to reduce GST interest rate from 18% to 12% per annum. The letter emphasizes the strain on businesses, proposing a balanced approach for economic growth. Read the full text for insights into the association’s concerns and the potential impact of a reduced interest rate
Stay updated on GST regulations! Analysis of 9 GST Circulars issued by CBIC on 17th July 2023. Key insights on interest charging, ITC, TCS liability, warranty replacement, and more.
CBIC Circular No. 192/04/2023-GST provides clarification on charging interest for wrong availment of IGST credit and its reversal under section 50(3) of the CGST Act, 2017. The circular addresses the utilization of wrongly availed IGST credit for interest calculation and the exclusion of compensation cess credit.
Confused about the rate of interest on ITC reversal and delayed payment of GST? This article clarifies the legal provisions and amendments regarding interest rates, including the retrospective changes, for better understanding.
Sri Priyanga Agencies Vs Assistant Commissioner of CGST & Central Excise (Madras High Court) In a case between Sri Priyanga Agencies and the Assistant Commissioner of CGST & Central Excise, the Madras High Court has issued a common order. The court has disposed of the main writ petition and two related Writ Miscellaneous Petitions (WMPs). […]
Learn about the calculation of GST interest on both GST payable and refunds under the Goods and Services Tax (GST) regime. Understand the rates, periods, and scenarios for interest payment and receipt. Stay informed to comply with GST regulations.
HC held that Section 50 of the GST Act can be applied demanding interest only in cases of belated cash payment towards GST, but not on input tax credit available all the while with the department to the credit of the assessee.
When ITC has been wrongly availed and utilized with a revenue impact, that interest liability is attracted. Making it clear that it is only in situations where there is a revenue impact that interest will become chargeable.
