Tax collected but not paid requires immediate remittance and may trigger show cause notice, interest, and adjustment or refund. Every person who has collected any amount representing tax and has not paid it to the Government must forthwith pay that amount, regardless of whether the ... Summary
Tax collected but not paid requires immediate remittance and may trigger show cause notice, interest, and adjustment or refund.
Every person who has collected any amount representing tax and has not paid it to the Government must forthwith pay that amount, regardless of whether the supplies are taxable. The proper officer may issue a show-cause notice, determine the amount after considering representations, and require payment. Interest under section 50 applies from collection to payment. A written request entitles the person to a hearing; the officer must issue a reasoned order within one year, excluding periods of court or tribunal stay. Payments are adjustable against tax and any surplus is credited to the Fund or refunded under section 54.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
