As per new GST Rule-88B(1), Manner of calculating interest on delayed payment of GST and Interest payable on the amount of ITC wrongly availed and utilised. Rule-114BB Quoting of PAN or Aadhaar Number. As per new income tax rule-114BB, Every person shall, at the time of depositing ...
The CGST Act distinguishes between ‘ITC availed’ (the eligibility to claim) and ‘ITC utilised’ (the actual use of the credit). Interest may apply on any excess ITC claimed. Frequently Asked Questions 1. Who is eligible for ITC in GST? A registered taxable individual or entity that pays...
Determination of tax not paid or short paid or erroneously refunded orinput tax creditwrongly availed or utilised by reason of fraud or any willful misstatement or suppression of facts Section 129 Detention, seizure and release of goods and conveyances in transit ...