Interest on delayed payment of GST to be paid on net tax liability after adjusting credit in ECL from 1st June 2021
Clause 112 of the Finance Act 2021 amended Section 50 of the CGST Act 2017 related to Interest on delayed payment of tax.
The amendment provided that interest will only be paid on the net tax liability, after balancing the credit in the electronic credit ledger, given that the person has not been issued any show-cause notice under section 73 or 74.
The CBIC / Ministry of Finance has issued Notification No. 16/2021 –Central Tax notifying 1st day of June, 2021, as the date on which the provisions of the said amendment shall come into force.
CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale…
Extension of timeline for implementation of mandatory "Ship To GSTIN" and Voluntary Closure of E-Way Bill functionalities GSTN Advisory dated…
No protective addition required in the hand of a third party when additions have been confirmed in the hands of…
Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…
Case remanded as no finding was given whether cash payments disallowed u/s 40A(3) were covered by Rule 6DD under Income…
In case of investment in share capital, the source of investment may remain outside the control of the investee company.…