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 […]
As per the CGST Act, The time of supply for interest, late fee or penalty for delayed payment of any consideration is the date on which the payment is received by the supplier but not on the date on which the suppliers raises the debit note.
Input tax credit availed on provisional basis has to be reversed if the supplier has not paid the input tax credit along with interest for the period from the date of availing ITC to the reversal. The same be taken if the supplier pays the tax but in the new GST Law released looks like […]
The concerned officer who is approving the refund order may deduct the amount which is due to be paid to the applicant, if there are any amounts pending to the GST authorities in form of penalty or interest or late fee or any tax due and pay the balance amount if any remaining. The amount […]