1.
Interest on delayed payment of tax. [Section 50]
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S.No.
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Event
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Who
will pay interest
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Amount
of Interest
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1.
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In
case ITC claimed by the recipient in the statement of inward supplies filed
by him, is not confirmed by the supplier in his return then due to this
mismatch u/s 42(10)
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Recipient
shall pay
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Interest
at such rate, not exceeding twenty-four percent, as may be notified
by the Government on the recommendations of the Council.
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2.
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In
case credit note issued by supplier is not confirmed by the recipient in his
return, then due to this mismatch u/s 43(10)
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Supplier
shall pay
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Interest
at such rate, not exceeding twenty-four percent, as may be notified
by the Government on the recommendations of the Council.
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3.
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In
other cases, where a person suo-motto discovers any omission or
incorrect particulars in the returns filed by him, as a result of which he
fails to pay the tax or any part thereof within the period prescribed.
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Such
person shall suo-motto pay
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interest
at such rate, not exceeding eighteen percent, as may be notified
by the Government on the recommendations of the Council.
However,
this discovery of such omission or incorrect particulars therein shall be
suo-motto and not as a result of scrutiny, audit, inspection or enforcement
activity by the tax authorities.
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