INTEREST ON BELATED PAYMENT OF TAX NOT LEVIABLE WHEN SUFFICIENT BALANCE OF INPUT TAX CREDIT IS AVAILABLE

INTEREST ON BELATED PAYMENT OF TAX NOT LEVIABLE WHEN SUFFICIENT BALANCE OF INPUT TAX CREDIT IS AVAILABLE https://www.taxtmi.com/article/detailed?id=9527 The High Court held that interest under Section 50, which compensates the revenue for deprivation of tax funds, is triggered by belated cash remittance and not by amounts standing as input tax credit in the electronic credit ledger; therefore interest is chargeable on the cash component paid belatedly and not on tax adjusted through available ITC. The CBIC clarified that related Notification was prospective and no retrospective recoveries will be made. en-us Wed, 28 Oct 2020 08:59:09 +0530 Wed, 28 Oct 2020 08:59:09 +0530 TaxTMI RSS Generator INTEREST ON BELATED PAYMENT OF TAX NOT LEVIABLE WHEN SUFFICIENT BALANCE OF INPUT TAX CREDIT IS AVAILABLE https://www.taxtmi.com/article/detailed?id=9527 The High Court held that interest under Section 50, which compensates the revenue for deprivation of tax funds, is triggered by belated cash remittance and not by amounts standing as input tax credit in the electronic credit ledger; therefore interest is chargeable on the cash component paid belatedly and not on tax adjusted through available ITC. The CBIC clarified that related Notification was prospective and no retrospective recoveries will be made. Articles Goods and Services Tax - GST Wed, 28 Oct 2020 08:59:09 +0530 https://www.taxtmi.com/article/detailed?id=9527