If the supplier of goods or service is not paid within 180 days of the issue of the tax invoice, the recipient has to reverse the ITC availed and show it in the GSTR – 3B of the December 2017 to be filed by 20th January 2018. This provision is similar to the provision we […]
A summary of the order issued under sub-section (9) of section 73 or sub-section (9) of section 74 or sub-section (3) of section 76 shall be uploaded electronically in FORM GST DRC-07, specifying therein the amount of tax, interest and penalty payable by the taxpayer to whom the order is issued.
On payment of penalty and interest on a voluntary basis by the taxpayer before the issue of notice by the concerned tax officer in FORM GST DRC-01, the tax officer will not issue the notice and he will acknowledge the payment of interest and penalty in FORM GST DRC-04.
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 Rule 141 of the CGST Rules 2017, if the taxpayer does not pay the amount, then the commissioner can dispose of the goods seized from the taxpayer and adjust the same against the tax payable, interest, penalty or any other amount payable in respect of such goods.
As per Rule 141 of the CGST Rules 2017, in case if the goods seized are of perishable or hazardous in nature of the taxpayer, the said goods can be released, if the owner of the goods pays an amount equivalent to the market price of such goods or things or the amount of tax, […]
As per Rule 140 of the CGST Rules, if the goods are not produced before the concerned officer on the date said by the person whose goods are seized, the officer can encash the security provided and adjusted against the tax, interest and penalty and fine, if any, payable in respect of such goods.
As per Rule 139, on the seizure of the goods by the concerned officer, the tax payer can get the same released provisionally on submission of a bank guarantee for the amount equal to applicable tax, interest, and penalty payable along with execution of the bond in FORM GST INS-04.
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 […]