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2021 (3) TMI 1075 - HC - VAT and Sales TaxRequest for waiver of interest on the interest free sales tax deferral amount availed by the appellant - Due date for repayment - Relevant date for calculation of such interest, is any - Section 24(3) of TNGST Act - HELD THAT:- The interest would be payable from the due date for repayment of the loan and not from the date, on which, the IFST deferral loan was availed. What is the date, on which, the repayment is due? - HELD THAT:- The Sales Tax Department did not appear before the Board on several dates when the case was heard. Be that as it may, the due date for repayment could have never occurred, in the facts and circumstances, between 01.8.2003 when the appellant was referred to the BIFR and 31.5.2006, the appellant was declared as a sick industrial company till its net worth turned positive and it was discharged from the Board on 05.2.2013 - the date, on which, the repayment became due for the appellant's case shall be fixed on 06.2.2013. Admittedly, the appellant cleared the entire sales tax on 25.4.2015. Hence, for the period from 06.2.2013 to 25.4.2015, the appellant is liable to pay interest. The benefit of G.O.Ms.No.1076 Industries (MIGI) dated 04.10.1988 cannot be straightaway made applicable to the appellant because it is a discretion vested with the Government and several factors are to be considered before discretion is exercised - Hence, for the present, we do not intend to make any observation with regard to the applicability of G.O.Ms.No.1076 Industries (MIGI) dated 04.10.1988 to the appellant's case. But, it is left open to the appellant to approach the Government, if so advised. The appeal is allowed in part.
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