1. Interest Rate for Late Payment 18% Per Annum: This interest rate is applicable if there is a delay in paying the GST liability, including taxes, interest, or any other amount payable under the GST law. 24% Per Annum: This higher rate applies in cases of undue or excess claim of in...
The GST Payment Process begins with GST challan generation, where taxpayers generate a challan online through the GST portal. This challan acts as a receipt and contains all the necessary tax liability details, such as the tax amount, interest, penalties, and other charges. With the challan, b...
Interest on delayed payment of tax, Section 50 of CGST Act, 2017 Power to grant exemption from tax under section 6 of IGST Act,2017 Section 47 of CGST Act, 2017 Levy of late fee Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances, IGST...
GST on Interest on Delayed Payment by Customer Read More→ How to Claim Tax Refund under GST Read More→ Time, Place & Value of Supply Under GST, the existing system of levy of tax on manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘Sup...
f) Time of Payment “Transaction not completed” in GST online payment - solutions If the transaction cycle is not completed because of failure of credential verification, there would be no response from the bank to portal informing about the same. If a response (positive or negative) is not...
Effective 1 November 2024, if you are aGST-registered taxpayer and applying for a conditional waiver of interest and penalties, you must adhere to the rules and procedures outlined in Section 128A. You can submit an electronic application using the appropriate forms within three or six months,...
If the amount is however not reversed within the specified date by the registered person, the amount shall be payable along with the interest under Section 50.dghfh___ Top GST News for the month of October 2023 The month of October 2023 witnessed significant developments in the realm of GS...
Learn how to pay GST online with our step-by-step guide. Understand GST payment rules and processes to ensure smooth and compliant transactions.
If any deductor fails to pay to the credit of the appropriate Government the amount deducted as tax under sub-section (1), he shall be liable to pay interest in accordance with the provisions of section 36, in addition to the amount of tax deducted. ...
The balance in the cash or credit ledger after payment of tax, interest, penalty, fee or any other amount payable under the Act or the rules made thereunder may be refunded in accordance with the provisions of section 38 and the amount collected as CGST/SGST shall stand reduced to that ex...