IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS

1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available

2. New: “In Favour Of” filter added in Case Laws.

Try both these filters in Case Laws →

IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS

X X X X Extracts X X X X

....S INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS Query (Issue) Started By: - PRAVEEN SONI Dated:- 23-1-2025 Last Reply Date:- 11-3-2025 Goods and Services Tax - GST Got 3 Replies GST IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS? Reply By Rajagopalan Ranganathan: The Reply: Sir, If there is dela....

X X X X Extracts X X X X

....y in payment made to supplier after the period mentioned in the contract, then interest is payable by the receiver of goods or services or both to the supplier along with the amount mentioned in the invoice.  Section 50 of CGST Act deals with interest payable when there is a delay in payment of gst to Government. Reply By KASTURI SETHI: The Reply: As per Rule 37 (1), interest is payable fr....

X X X X Extracts X X X X

....om the date of issue of invoice after crossing 180 days. RULE 37. Reversal of input tax credit in the case of non-payment of consideration. - [(1)&emsp;A registered person, who has availed of input tax credit on any inward supply of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, but fails to pay to the supplier thereof, the amount tow....

X X X X Extracts X X X X

....ards the value of such supply [, whether wholly or partly,] along with the tax payable thereon, within the time limit specified in the second proviso to sub-section (2) of section 16, shall pay [or reverse] an amount equal to the input tax credit availed in respect of such supply [, proportionate to the amount not paid to the supplier,] along with interest payable thereon under section 50, while f....

X X X X Extracts X X X X

....urnishing the return in FORM GSTR-3B for the tax period immediately following the period of one hundred and eighty days from the date of the issue of the  invoice. Reply By KALLESHAMURTHY MURTHY: The Reply:  Dear Sir,  Whether the interest is payable from the date of invoice or from the date of availment of ITC. It is because the question of the reversal of ITC arises only if the....

X X X X Extracts X X X X

.... ITC is availed. Discussion Forum - Knowledge Sharing ....

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS