Case-Laws – GST – Highlights – The High Court addressed the demand for interest u/s 50 of the Central Goods and Services Tax Act, 2017. It clarified that interest on delayed tax payment is not applicable from the date of deposit in the electronic cash ledger until the filing of the return. The Court emphasized that interest is compensatory and can only be imposed from the due date of tax payment until the actual deposit in the electronic cash ledger. Referring to relevant legal precedents, the Court highlighted that once the amount is credited to the government account, the tax liability is discharged, and no interest is payable if a sufficient balance remains in the electronic cash ledger. The Court concluded that the petitioner cannot be held liable for interest from the deposit date to the return filing date. The petition was allowed in favor of the petitioner. – TMI Updates – Highlights, quick notes, marquee, annotation, news, alerts Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com – TMI – TaxTMI – TMITax
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =