NITYA Tax Associates | Interest applicability on delayed payment of tax

Описание: Recently, CBIC letter addressed to its Principal Chief Commissioners and Chief Commissioners of GST had confounded the confusion revolving around interest applicability and reignited the question whether proviso to Section 50(1) of CGST Act, though not yet notified, should be read in interest of taxpayer or not.

Our Managing Partner, Puneet Bansa has lucidly explained the underlying legal provisions, recent judgement of Refex Industries Limited, Madras High Court in contrary to Megha Engineering and Infrastructures Limited, Telangana High Court as well as the next steps that the taxpayers can take.