Court Confirms Interest on Late GST Remittance Despite Sufficient ITC; Highlights Duty to Manage Tax Liabilities Correctly.

Court Confirms Interest on Late GST Remittance Despite Sufficient ITC; Highlights Duty to Manage Tax Liabilities Correctly. https://www.taxtmi.com/highlights?id=65453 Interest for belated remittance of Goods and Service Tax (GST) - delayed filing of return / GSTR 3B - petitioner / assessee had sufficient ITC credit in both the electronic cash ledger (ECR) as well as the electronic credit register (ECrC) - The Court observes that a registered person is obliged to self-assess its turnover after reckoning its eligibility to ITC and Outward Tax Liability (OTL) taking note of the balances lying in its cash or credit ledgers - Demand confirmed - HC en-us Sat, 03 Sep 2022 11:58:36 +0530 Sat, 03 Sep 2022 11:58:36 +0530 TaxTMI RSS Generator Court Confirms Interest on Late GST Remittance Despite Sufficient ITC; Highlights Duty to Manage Tax Liabilities Correctly. https://www.taxtmi.com/highlights?id=65453 Interest for belated remittance of Goods and Service Tax (GST) - delayed filing of return / GSTR 3B - petitioner / assessee had sufficient ITC credit in both the electronic cash ledger (ECR) as well as the electronic credit register (ECrC) - The Court observes that a registered person is obliged to self-assess its turnover after reckoning its eligibility to ITC and Outward Tax Liability (OTL) taking note of the balances lying in its cash or credit ledgers - Demand confirmed - HC Highlights GST Sat, 03 Sep 2022 11:58:36 +0530 https://www.taxtmi.com/highlights?id=65453