Search results
Jan 26, 2022 · 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. Interest on delayed payment of tax;
(11) ―assessment‖ means determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment; (12) ―associated enterprises‖ shall have the same meaning as assigned to it in section 92A of the Income-tax Act, 1961;
Sep 26, 2022 · According to section 50 (1) of the Central Goods and Services Tax (CGST) Act 2017, the taxpayer should pay interest on GST liability if the following instances: Fails to pay such GST within the period as stipulated above. Makes short payment for the GST.
Sep 5, 2021 · It is stated that proviso to sub-section (1) of Section 50 of the Central Goods and Service Tax, 2017 (CGST Act, 2017) was amended to substitute retrospectively with effect from the 1’st July, 2017, vide section 112 of Finance Act, 2021, so as to charge interest on net cash liability with effect from the 1 st July, 2017.
Feb 11, 2023 · Interest on unpaid tax as per return. Section 50 (1) of the act provides to levy interest on the delayed payment of unpaid taxes under the act. This tax means tax by way of any order issued under the provisions of the act or rule or self assessed tax admitted in the returns.
(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 within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding ...
