GST collected but not remitted attracts Section 76 penalty even where registered suppliers issued valid invoices.
Case-Laws
GST
Section 76(1) applies to every person who collects an amount as representing GST and does not pay it to the Government, without limiting its scope to unauthorised collections or unregistered persons. A registered supplier that collects GST through valid invoices but files nil or no returns and fails to remit the collection falls within the provision, regardless of whether the underlying supplies are taxable. The prescribed penalty equals the tax collected and not remitted. On that basis, the appellate deletion of penalty was reversed and the penalty restored.
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