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;
section 92A of the Income-tax Act, 1961; (13) ―audit‖ means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made thereunder; ...
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.
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.
(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 ...
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.
Mar 28, 2024 · Amended and updated notes on section 50 of CGST Act, 2017. Detail discussion on provisions and rules related to interest on delayed payment of tax. Chapter X (Sections 49 – 53A ) of the Central Goods and Services Tax Act, 2017 deals with the provisions related to payment of tax.
An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto. Ministry: Ministry of Finance: ... Section 50. Interest on delayed payment of tax. Section 51. Tax deductions at source. Section 52. Collection of tax at stores. Section 53. Transfer of input tax credit. Section 53A. Transfer of certain amounts. Section 54. Refund of tax.
Section 50 – Interest on delayed payment of tax. CGST ACT 2017. (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 ...
Jan 7, 2017 · Section 50 of CGST Act 2017: Interest on Delayed Payment of Tax (CHAPTER X – PAYMENT OF TAX) (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 ...
