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Dec 11, 2020 · Section 73 and 74 provides mechanism to determine tax liability of taxable person and to adjudicate the case, to recover amount of tax, applicable interest and amount of penalty due as per provision of law. Section 73 is applicable to normal cases and 74 covers fraud/tax evasion cases.
Sep 19, 2024 · What is Section 73 of the CGST Act? Section 73 of the CGST Act covers the procedure for the determination of GST demand in general cases where any ulterior motive (involves fraud, wilful misstatement, or suppression of facts) is not involved, if: Tax is not paid duly; Tax paid is short of the actual liability; Tax is erroneously refunded
Jul 7, 2021 · 73 (5) Voluntary GST Payment. Contents. Dear Sir/Madam,, I have utilised input tax for the fy 19-20 and filed monthly and annual returns in time. I came to know now that input should have not been utilised. Voluntarily on 5/7/21, i paid tax along with interest U/s. 73 (5) at 24%.
Jul 23, 2020 · Section 73- Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts.
(5) The person chargeable with tax may, before service of notice under subsection (1) or, as the case may be, the statement under sub-section (3), pay the amount of tax along with interest payable thereon under section 50 on the basis of his own ascertainment of such tax or the tax as ascertained by the proper officer and inform the proper ...
GST voluntary payment under Section 73(5) refers to the option available to a taxpayer to pay any amount of tax, interest, or penalty voluntarily before the issuance of a show cause notice by the tax authorities.
Apr 8, 2023 · Section 73 of CGST Act, 2017: Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason other than fraud or any willful-misstatement or suppression of facts.
