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Synopsis of the GST Notifications & Instruction issued on 24th June 2020

No. 49/2020 – Central Tax Many provisions of the CGST Act 2017, has been amended in the Finance Bill 2020 and some of the same have been notified and the effective date is 30th Jun 2020. Section – 118 of Finance Act 2020:  This amendment eases the provision for claiming input tax credit on debit […]

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GST Tip – 346

When the concerned officer issues notice to the taxable person for not paying or short payment of tax 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, if the taxable person pays the interest @ 18% and penalty @25% […]

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GST Tip – 344

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.

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