TMI BlogLate fee, interest and penalty on deductor for various defaults in TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... hich deduction was made) he shall pay a late fee of Rs. 100/- per day under CGST Act SGST/UTGST Act separately during which such failure continues subject to a maximum amount of Rs. 5000/- each under CGST Act SGST/UTGST Act. Example:- Mr S has deducted GST amounting to ₹ 50,000/- in the month of Nov 2023 . He filed return on 16.12.2018. how much amount liable to pay as late fee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of deducted tax :- If any deductor fails to deposit the amount deducted or part thereof liable to interest rate @ 18% on his own from the first day when such tax was due to be paid till the date when it is paid. [ Section 50(1) read with Section 51(6) of CGST Act] Penalty:- As per section 122(1)(v) of CGST Act Where a taxable person default in; fails to deduct the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TDS credit entry is rejected by the deductee. The rejected transactions in TDS/TCS credit receipt table will be communicated back to the deductor who will download the auto-populated transactions and make necessary amendments in GSTIN or amount etc. in table 4 of FORM GSTR-7. The amended details will again be auto-populated in TDS/TCS credit receipt table. Supplier will take action com ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
