Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
The High Court addressed the demand for interest u/s 50 of the Central Goods and Services Tax Act, 2017. It clarified that interest on delayed tax payment is not applicable from the date of deposit in the electronic cash ledger until the filing of the return. The Court emphasized that interest is compensatory and can only be imposed from the due date of tax payment until the actual deposit in the electronic cash ledger. Referring to relevant legal precedents, the Court highlighted that once the amount is credited to the government account, the tax liability is discharged, and no interest is payable if a sufficient balance remains in the electronic cash ledger. The Court concluded that the petitioner cannot be held liable for interest from the deposit date to the return filing date. The petition was allowed in favor of the petitioner.
The High Court addressed the demand for interest u/s 50 of the Central Goods and Services Tax Act, 2017. It clarified that interest on delayed tax payment is not applicable from the date of deposit in the electronic cash ledger until the filing of the return. The Court emphasized that interest is compensatory and can only be imposed from the due date of tax payment until the actual deposit in the electronic cash ledger. Referring to relevant legal precedents, the Court highlighted that once the amount is credited to the government account, the tax liability is discharged, and no interest is payable if a sufficient balance remains in the electronic cash ledger. The Court concluded that the petitioner cannot be held liable for interest from the deposit date to the return filing date. The petition was allowed in favor of the petitioner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
