The petitioner had, while admitting liability for the delayed component of tax to be remitted by cash, contended that no interest was payable in terms of tax to be remitted by adjustment of credit available in the electronic register. This position was accepted by the revenue.
Section 50 of the CGST Act, 2017 –– Interest –– The petitioner challenged communication issued by the respondent calling upon the petitioner to remit an amount as interest for delayed remittance of tax for financial periods 2017-18, 2018-19 and 2019-20 (upto December 2019). The interest has been levied under Section 50 of the Act at the rate of 18%. The petitioner, while admitting liability for the delayed component of tax to be remitted by cash, contended that no interest was payable in terms of tax to be remitted by adjustment of credit. The court observed that this position was accepted by the revenue and the standing counsel had computed the break-up of interest accordingly.
Held that:- The Hon’ble High Court, partially set aside the impugned orders and disposed the writ petitions.
The petitioner had, while admitting liability for the delayed component of tax to be remitted by cash, contended that no interest was payable in terms of tax to be remitted by adjustment of credit available in the electronic register. This position was accepted by the revenue.
Section 50 of the CGST Act, 2017 –– Interest –– The petitioner challenged communication issued by the respondent calling upon the petitioner to remit an amount as interest for delayed remittance of tax for financial periods 2017-18, 2018-19 and 2019-20 (upto December 2019). The interest has been levied under Section 50 of the Act at the rate of 18%. The petitioner, while admitting liability for the delayed component of tax to be remitted by cash, contended that no interest was payable in terms of tax to be remitted by adjustment of credit. The court observed that this position was accepted by the revenue and the standing counsel had computed the break-up of interest accordingly.
Held that:- The Hon’ble High Court, partially set aside the impugned orders and disposed the writ petitions.