Sec 73, 74
This query is : Resolved
16 November 2019
sec 73, 74 details of gst
16 November 2019
Section 73 of CGST act
Speaks about tax not paid or short paid or erroneously refunded or Input tax wrongly availed or utilized not wilful misstatement or fraud.
The GST officer may issue notice for the above at least prior to 3 months of time limit. If the assessee pays the amount of tax along with applicable interest as per section 50 of CGST ACT ( 18% interest per annum for short paid or not paid taxes and 24% interest per annum for wrong availment or utilization of GST Credit, no penalty will be levied.
Section 74 of CGST act
This section speaks about tax not paid or short paid , errorenously refunded of GST ITC credit wrongly availed or utilized by willful misstatement or fraud.
The GST officer is to issue notice within 6 months of time limit. The assessee is to pay tax, interest as per section 50 of CGST credit ( 18% for not tax paid or short paid and 24% for wrong avaiment of GST Credit or utilied) plus 25% of tax amount as penalty within 30 days of serving notice
Speaks about tax not paid or short paid or erroneously refunded or Input tax wrongly availed or utilized not wilful misstatement or fraud.
The GST officer may issue notice for the above at least prior to 3 months of time limit. If the assessee pays the amount of tax along with applicable interest as per section 50 of CGST ACT ( 18% interest per annum for short paid or not paid taxes and 24% interest per annum for wrong availment or utilization of GST Credit, no penalty will be levied.
Section 74 of CGST act
This section speaks about tax not paid or short paid , errorenously refunded of GST ITC credit wrongly availed or utilized by willful misstatement or fraud.
The GST officer is to issue notice within 6 months of time limit. The assessee is to pay tax, interest as per section 50 of CGST credit ( 18% for not tax paid or short paid and 24% for wrong avaiment of GST Credit or utilied) plus 25% of tax amount as penalty within 30 days of serving notice
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
