Just a moment...

Report
FeedbackReport
Bars
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
+ Post a Query
Post a New Query
Title :
0/200 char
Description :
Max 0 char
Category :
Delete Reply

Are you sure you want to delete your reply beginning with '' ?

Delete Issue

Are you sure you want to delete your Issue titled: '' ?

Discussion Forum

Back

All Issues

Advanced Search
Reset Filters
Search By:
Search by Text :
Press 'Enter' to add multiple search terms
Select Date:
FromTo
Category :
OR
Search by Issue ID:
NOTE: If you have inputs in both the fields, then results will be shown for issueId first.
Issue ID : 117158
- 0 -

Confusion while reading Section 76 along with Section 73/74

Date 12 Apr 2021
Replies5 Answers
Views 3992 Views
Asked By

How can Section 76 be differentiated from Section 73/74?

Say for E.g.

If i have not deposited the tax beyond 3 months of due date of filling GSTR-3B but correctly disclosed tax payable in GSTR-1, under which section can Department demand Tax.

The Area of concern for me is the Penalty.

Section 76 asks for 100 Penalty and 73/74 asks for Lower rates of penalty (Lowest being Nil and 15% respectively)

5 answers
Sort by

Old Query - New Comments are closed.

Hide
- 0
Replied on Apr 13, 2021
1.

Sh.Punit Aggarwal Ji,

In this scenario, penalty under Section 73 will be imposed upon by the department. There is no confusion.

Section 73 stands for penalty on account of bona fide mistake. Mistake committed without intention to evade tax e.g. calculation error, procedural lapse, technical lapse etc.

Section 74 is for penalty on account of mala fide intention to evade tax.

Section 76 stands for penalty on those persons who collect tax which is not leviable as per the Act and keep that collected tax with himself. He does not depost such collected into Govt. account. This offence is very very serious. None has right to retain such tax with one's pocket.

- 0
Replied on Apr 15, 2021
2.

Dear sir,

I agree with Shri Kasturi sir.

- 0
Replied on Apr 15, 2021
3.

But Kasturi Sir,

Section 76(1) clearly states that " irrespective of whether such supplies in respect of which such amount collected is taxable or not"

So I believe 76 is not only restricted to non taxable supplies as you mentioned. There might be some other catch which I believe I am missing.

- 0
Replied on Apr 15, 2021
4.

Sh.Punit Agarwal Ji, If you do not agree with me, you should explain what is hidden more therein. Such Section was in Service Tax and Central Excise also. Moreover, I have not 'forced' Sh.G.B.Rao to agree with my views. Do we both are unable to interpret and analyse Section 76. ?

- 0
Replied on Apr 26, 2021
5.

Sri Punit Sir the provision 76(1) states that tax collected by taxpayer should not be retained with him. The tax collected may be actually collectable (on taxable supplies) or not collectable (on exempt supply) , but once collected should not be retained by taxpayer with him. It has to be deposited to Govt. treasury.

Old Query - New Comments are closed.

Hide
Recent Issues