Rate of interest under CGST Act 2017 under various sections. 18% interest for delay in tax payment, 24% for making undue or excess claim of input tax credit
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
New Delhi, the 28th June, 2017
7 Ashadha, 1939 Saka
G.S.R. …..(E).—In exercise of the powers conferred by sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby fixes the rate of interest per annum, for the purposes of the sections as specified in column (2) of the Table below, as mentioned in the corresponding entry in column (3) of the said Table.
Table
Serial Number | Section | Rate of interest (in per cent) |
(1) | (2) | (3) |
1. | Sub-section (1) of section 50 | 18 |
2. | sub-section (3) of section 50 | 24 |
3. | sub-section (12) of section 54 | 6 |
4. | section 56 | 6 |
5. | proviso to section 56 | 9 |
2. This notification shall come into force from the 1st day of July, 2017.
[F. No.349/72/2017-GST]
(Dr. Sreeparvathy S.L.)
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…
Order u/s 148A(d) passed against non-existent entity is bad in eyes of law. Mere activation of PAN not give right…
Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a…
Whether seized document is incriminating or not is definitely a findings of fact – High Court In a recent judgment,…
Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts In a recent judgment, Hon'ble Guwahati High Court has…
There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act - High Court stayed demand …