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 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 : 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 : 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...
Tvl. Kumaran Filaments (P) Ltd. Vs Commissioner of Central GST and Central Excise (Madras High Court) Insofar as the due of interest is concerned, the factual matrix is that, the entire amount of Rs.50,21,080/- was very much available in the credit of the petitioner for the whole period, therefore, if at all, the same is […]
Srinivasa Stampings Vs Superintendent of GST and Central Excise (Madras High Court) Interest has been demanded on the net tax liability of the petitioner on account of belated payment of tax during the aforesaid period under Section 50(1) of the CGST Act, 2017. Since tax was paid by the petitioner belatedly, petitioner is liable to […]
Union Of India & Ors. Vs Willowood Chemicals Pvt. Ltd. (Supreme Court of India) Facts- M/s. Willowood Chemicals Pvt. Ltd. submitting that said Writ Petitioner was entitled on the basis of Section 16 of the IGST Act read with Section 54 of the CGST Act for compensation in receipt of delayed payment as detailed in […]
Narsingh Ispat Limited Vs Union of India (Jharkhand High Court) Whether liability of interest under section 50 of the GST Act could be raised without initiating any adjudication proceeding either under section 73 or 74 of JGST Act in the event Assessee raising a dispute towards liability of interest. It has been held that if […]
SNG Impex Through Proprietor Satya Narayan Gupt Vs Principal Commissioner of Customs (Gujarat High Court) At the outset, Mr. Choudhary, the learned counsel submitted that during the pendency of the present writ application, the refund of IGST of Rs.7,69,093/- has been sanctioned and paid to the writ applicant by way of a cheque. However, his […]
R.K. Transport Private Limited Vs Union of India (Jharkhand High Court) Recovery proceedings under Section 79 of the CGST Act cannot be initiated for recovery of interest under Section 50 of the Act without initiation and completion of the adjudication proceedings under the Act The issue at hand is whether interest liability under Section 50 […]
Manshi Automobiles Vs Union of India (Patna High Court) We form an opinion that the order is bad in law. This we say so, for two reasons- (a) violation of principles of natural justice, i.e. Fair opportunity of hearing. No sufficient time was afforded to the petitioner to represent his case; (b) order passed ex […]
PROVISIONS RELATED TO INTEREST UNDER GST ACT 2017 Case Sr. No. Section of CGST Act. 2017 Particulars Rate of Interest Interest payable/paid by RP 1. 50(1) Not Deposit/Short deposit within prescribed time under the GST Act. 2017 18% 2. 50(3) Claim of Wrong/undo ITC or Short showing Output liabilities u/s section 42(10) and 43(10) 24% […]
Deployment of Interest Calculator in GSTR-3B 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, […]
GST Portal will now provide system computed interest in GSTR-3B to facilitate taxpayers in self-assessment. Interest will be computed in accordance with the Section-50 of the CGST Act, 2017 and proviso thereof, as amended. Interest on liability for the present period shall be computed only on the portion of liability paid by debiting the electronic […]
