https://www.taxtmi.com/forum/issue?id=117596 The taxpayer may utilise accumulated cess-specific input tax credit only for payment of cess under the proviso to Section 11(2) of the GST Cess Act; interest on unpaid cess runs from the original due date and is calculated on the gross unpaid cess with no benefit of net tax liability when suppression or mis-declaration invoke enhanced provisions. Under Section 73, payment of tax and interest within the prescribed period after a show cause notice avoids penalty; under Section 74, a penalty component applies and prospects for waiver are limited. en-us Thu, 28 Oct 2021 18:01:20 +0530 Thu, 23 Jan 2025 15:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117596 The taxpayer may utilise accumulated cess-specific input tax credit only for payment of cess under the proviso to Section 11(2) of the GST Cess Act; interest on unpaid cess runs from the original due date and is calculated on the gross unpaid cess with no benefit of net tax liability when suppression or mis-declaration invoke enhanced provisions. Under Section 73, payment of tax and interest within the prescribed period after a show cause notice avoids penalty; under Section 74, a penalty component applies and prospects for waiver are limited. Discussion-Forum GST Thu, 28 Oct 2021 18:01:20 +0530 https://www.taxtmi.com/forum/issue?id=117596