Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati
a)In the meeting held today, that is 10th November, 2017, the Council has recommended major relief in GST rates on certain goods and services. These recommendations spread across many sectors and across commodities. b)As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% […]
Before serving of the notice in FORM GST DRC-01 by the tax officer, the taxpayer can pay the taxpayer can pay interest @ 18% as per section 50 of the CGST Act and also a penalty of 15% as per Subsection 5 of section 74 and submit the same to the concerned officer in FORM GST DRC-03.
As per Section 74 of the CGST Act if the tax officer feels that tax is not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts to evade tax, then the concerned tax official shall serve a […]
Notification No. 13/2017 – Central Tax, states the rate of interest to be paid or received by the taxpayers under CGST. The interest rate in case of delayed payment is 28%, reversal of input tax credit in case of a mismatch, ITC availed before supplier uploads the invoice the interest rate is 24%, in case […]