Rate of Interest Under Goods and Service Tax
PrintListen to this Article
Rate of Interest under Goods and Service Tax
Refer Notification Numbers – 13/2017 – Central Tax, dated 28th day of June, 2017 and 06/2017 – Integrated Tax, dated 28th day of June, 2017
Effective from – 01/07/2017
| Sl. No. | Particulars | Rate of interest per annum |
| 1 | For non-payment or late payment of tax liability or any part thereof | 18% |
| 2 | For undue or excess claim of ITC or undue or excess reduction of output tax liability | 24% |
| 3 |
For withholding of refund. Such refund order is the subject matter of appeal or further proceedings. Provided the taxable person becomes entitled to such refund on disposal of the appeal or further proceedings | 6% |
| 4 |
For withholding of refund beyond sixty days from the date of receipt of application for refund. Provided a proper officer issued refund order after appropriate proceedings. | 6% |
| 5 |
For withholding of refund and such claim of refund arises from an order passed by an Adjudicating authority or Appellate authority or Court which has attained finality and the same is not refunded within 60 days from the date of receipt of application field consequent to such order. | 9% |
Category : GST | Comments : 0 | Hits : 593
How to Claim GST Refund in India: Complete Step-by-Step Guide Goods and Services Tax (GST) has simplified indirect taxation in India, but claiming a refund can often be confusing for businesses and taxpayers. Whether it’s an export refund, excess payment, or any other type of GST refund, following the correct procedure is essential to avoid delays or rejection. This guide provides a complete, step-by-step process, required documents, common mistakes, and tracking tips for claiming a GST...
GST for Freelancers & Consultants
GST for Freelancers & Consultants During recent times we have witnessed a massive rise in the freelance economy with professionals like designers, writers, consultants, etc offering freelance services. A freelancer is a person who provides his/her professional services on a contractual basis. Under GST, freelancers are treated as service providers. To ensure business legitimacy and ensure growth the GST implications on freelance business needs to be properly understood. In this re...
(This is only for check ) The Goods and Services Tax (GST) framework in India continues to evolve, with the government introducing several important updates aimed at enhancing compliance, improving transparency, and simplifying procedures for taxpayers.
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the data that was actually submitted regarding ITC claims, tax payments, etc. This advisory was sent via registered emails to those taxpayers who are directly affected, and these taxpayers can also see the d...
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petitioner”) sought to file an application for revocation of cancellation of registration, but could not file Form GSTR-3B due to suspension of GSTIN. Hence, aggrieved by the circumstances, the...
Comments