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.
After holding that the cash receipts and cash payments are unexplained, ad-hoc estimation of income can not be adopted –…
Dividing total turnover by 365 days and concluding that assessee could not have made such cash sale on a single…
NERIST Arunachal Pradesh invites EoI for Empanelment of Chartered Accountant firm North Eastern Regional Institute of Science and Technology, (NERIST)…
Sibsagar University invites Expression of Interest (EOI) for Appointment of Internal Auditor Sibsagar University invites Expression of Interest (EOI) from reputed…
In a recent judgment Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional.…
Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals…