Interest on Late Payment of GST: Case Law and Opinion

Interest on delayed GST Payment The legal position Recently, the GST Council has held its 39th meeting in which it has approved that the interest on GST late payment shall be payable on liability paid belatedly in cash component only, and this shall be made applicable w.e.f. Jul’2017 i.e. retrospective effect.  However, it shall be…

GST Interest on late payment & reversal of input credit

GST Interest calculation, interest on reversal & refunds How to calculate interest on the late payment of GST? Interest applies to the late payment of GST. Section 50 of the Central Goods and Service Act 2017 states the following provisions. (1) Every person who is liable to pay tax in accordance with the provisions of…

All about job work in GST- Procedure, Challan & Input Credit

All about job work in GST Job work in GST  is an outsourced activity undertaken by the principal that may or may not culminate into manufacture. For example, An automobile company sends spare parts to a job worker for coating. Coating here is an outsourced activity performed by a third party. Define Job Work? Section…

Consequences of not generating an e-way bill

What are the Consequences of not generating an e-way bill? E-way bill is an electronically generated document mandatory to be carried for the movement of goods across India. It is necessary for the movement of goods whose value is exceeding Rs 50,000 with some reservations. The consequences of not generating an e-way bill maybe both…