Interest Waiver In Gst
Description
How to fill out Sample Attorney Conflict Of Interest Waiver Letter?
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FAQ
Interest is levied on net GST liability after reducing eligible input tax credit from total output tax. This implies that interest will be calculated on the amount paid by cash to discharge the GST liability. Interest calculation will begin from the day succeeding the due date of filing till the date of payment of tax.
If you don't file the GST returns that are required to be filed under the law, then late fees will apply for every day of default that occurs. Further, if there is any tax due, then interest will apply at the rate of 18% per annum on the tax liability. 2.
The proviso to Section 50(1) waives the liability to pay interest on delayed payment of self-assessed tax by an assessee before initiation of recovery proceedings, only to the extent the same is paid through electronic credit ledger (ECRL).
The proviso to Section 50(1) waives the liability to pay interest on delayed payment of self-assessed tax by an assessee before initiation of recovery proceedings, only to the extent the same is paid through electronic credit ledger (ECRL).
The Government may, by notification, waive in part or full, any penalty referred to in section 122 or section 123 or section 125 or any late fee referred to in section 47 for such class of taxpayers and under such mitigating circumstances as may be specified therein on the recommendations of the Council.