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GST - Highlights / Catch Notes

Home Highlights July 2023 Year 2023 This

Interest u/s 50(3) of the CGST Act, 2017, in cases of wrong ...

GST

July 27, 2023

Interest u/s 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof - There will not be any interest liability u/s 50(3) of CGST Act if, during the time period starting from such availment and up to such reversal, the balance of input tax credit (ITC) in the electronic credit ledger, under the heads of IGST, CGST and SGST taken together, has never fallen below the amount of such wrongly availed ITC - Circular

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  1. Levy of interest u/s 50(3) - Wrong availment of Input of Tax Credit and reversal thereof - The court noted that the issue of levying interest under Section 50(3) of the...

  2. Availment of input tax credit - Where tax is not paid by the supplier, ITC shall be reversed with applicable interest liability - Section 41 of CGST Act, 2017 Amended

  3. Interest on delayed payment of tax. - Interest on ITC wrongly availed and utilized - Section 50 of CGST Act, 2017 amended

  4. Interest cannot be claimed from the date of wrong availment of CENVAT credit - interest shall be payable from the date CENVAT credit is wrongly utilized - AT

  5. Various AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017, Explained

  6. Effective rates of customs duty and IGST for goods imported into India - Customs duty on import of Gold - Seeks to amend Notification No. 50/2017-Customs, dated the 30th...

  7. Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017

  8. Certain sections of the IGST Act, 2017 came into force w.e.f. 22.06.2017 i.e Definitions, Officers, Registration, Application of certain provision of CGST to IGST, Power...

  9. Reversal of CENVAT credit - the appellants are not liable to pay interest for wrongful availment of Cenvat Credit which has been reversed before utilization by the appellant - AT

  10. Omitted - Matching, reversal and reclaim of input tax credit - Section 42 of CGST Act, 2017 omitted as scheme of availing ITC amended

 

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