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Income tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT

MESSAGE BOARD

   

Interest on delayed filing of GST return: On gross or net tax liability?


section 50 issue settled 50 50

in case of suchitra components appex court held in 2077 that any beneficial law shall be effective retrospectively.

section 50 amended by 2019 ACT by way of insertion .the procedural part of it that is notifying is not done, due to 2 states politically not doing it.(this is going to be a routine phenomena). so its going to be retrospectively.

amendment means correction, or rectifying the wrong done.

one who has already paid advance tax that is the ITC while receiving inward supplies.so why he will pay interest on his own money, is a matter of common sense which bureaucracy is expected to posses.

system of return filing only having paid the tax cannot change the character of the fact that tax is paid by the taxpayer and the said tax collected from him by the buyer is also going to be paid by him with interest if delayed. so why double taxation. its ademocratic country na.

recovery proceeding for the interest on gross element is a foolish step and needs to be stopped by courts invariably with orders carrying strictures .

return filing has to be a distinct activity from paying tax. u cannot compel any one to file return only after making tax payment.bring old service tax system where as soon as the tax was paid it used to reach to exchequer immediately irrespective of relevant return being filed. even otherwise u are collecting delayed payment interest and delay filing fee separately na.

lets make the country dispute less.
not the ITC but confusions , harassment seem to be seamless

Navin Khandelwal 17/02/2020

 

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