Swipe through the latest business and wealth clues with our android app

Tax authorities to levy interest on cash, ITC component of GST paid after due date

Principal Commissioner of Hyderabad GST Commissionerate ruled that interest will be levied on both cash and input tax credit (ITC) component where GST is paid after the prescribed due date. It has asked the officials to conduct due verification of all the belated GST returns filed involving payment of self-assessed tax after the prescribed due date and ensure that the interest liability is paid not only on the cash component, but also on the input credit component. The order also empowers concerned officer(s) to initiate prompt action for recovery in case the interest was not discharged by any taxpayer.

©2019 TheNewsClues