GIST of Notifications issued on 1st May 2021 Due to the ongoing second wave of the Covid – 19 pandemic, there are a lot of restrictions imposed on the business and common person to curtail the spread of the virus. As a part of lockdowns or restrictions, the trade and industry cannot run the business […]
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 […]
As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer in case utilizes the credit carried forward from the blocked CENVAT Credit from the Electronic Credit Ledger, the same has to be paid with interest and penalty.
As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, in case if the taxpayers utilizes the same and the adjudication is not in favor of the taxpayer, the taxpayer has to pay the amount of the utilized CENVAT Credit in the Electronic Credit Ledger with interest and penalty as per the provisions of the CGST […]
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.