Tax payment on summon
CA NAMRATA KAYARWAR (298 Points)
08 June 2023Whether penalty will be imposed in case of voluntary reversal of ITC w/o issue of SCN?
CA NAMRATA KAYARWAR (298 Points)
08 June 2023
Jamil Ahmed
(62 Points)
Replied 08 June 2023
Rajendra Prasad
(Employee Private)
(1860 Points)
Replied 08 June 2023
In my knowledge and experience, as per Section 74(5) any liability has been discharged before issuance of Notice, GST along with applicable interest and penalty 15% has to be payable. If tax paid after issuance of Notice penalty is 25% as per Sec 74(8) and taxes paid after passing order and with in 30 days penalty will be 50% as per Sec 74(11)
Else 100% penalty is applicable as per Section 122.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India