Tax collected but not paid requires immediate payment, notice and determination, interest accrual, and adjustment or refund. A person who has collected tax but not paid it must forthwith pay that amount; the proper officer may issue a show-cause notice, determine the amount after considering representations, and require payment. Interest accrues from collection to payment. A written request yields a hearing; the officer must state facts and basis and issue an order within one year (excluding any stay). Payments are adjusted against tax payable for the related supplies and any surplus is credited or refunded under the refund mechanism.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax collected but not paid requires immediate payment, notice and determination, interest accrual, and adjustment or refund.
A person who has collected tax but not paid it must forthwith pay that amount; the proper officer may issue a show-cause notice, determine the amount after considering representations, and require payment. Interest accrues from collection to payment. A written request yields a hearing; the officer must state facts and basis and issue an order within one year (excluding any stay). Payments are adjusted against tax payable for the related supplies and any surplus is credited or refunded under the refund mechanism.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
