Pradeep Jain - Chartered Accountant

What is the provision in case the recipient makes a delayed payment of consideration for the supply of goods/services rendered by the supplier? Are there any additional provisions for late fee charged on delayed settlement?

As per second proviso to section 16(2) of CGST Act, where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of 180 days from the date of issue of invoice by the supplier, an amount equal to the ITC availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed under rule 37 of the CGST Rules. Also that the recipient shall be entitled to avail credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon. The recipient will be entitled to avail the credit again without any time limit. In case part-payment has been made, proportionate credit would be allowed. Note: The supplier would not be subjected to additional burden because of the late receipt of consideration for the supply made. In case any additional fees or penalty is charged for late payment, then as per section 12(6) of the CGST Act, the time of supply will be the date on which the supplier receives the addition in value and as per section 15(2) thereof, the additional fees is to be included in the value of supply and hence, GST shall be charged at applicable rates.

Sir, we are a taxpayer dealing in health care services. We have been making supply on which tax was payable by us but we have not paid the same erroneously. The same has been pointed out by department recently. Please suggest whether we have to pay interest and penalty along with tax.

As per sub-section (5) and (6) of Section 73 of CGST Act, if you have made payment of tax and informed the same to the department then the department ...
Sir We are dealing in trucks. We have received an export order from foreign buyer. We wish to procure trucks from 5 different manufacturers and supply them directly to the port without receiving on our own premises. Can we do the same to take benefit of merchant export by paying tax @ 0.1%.

. Yes, as per Notification 41/2017-intergrated tax (Rate) dated October 23, 2017, benefit of notification is available only when the material moves fr ...
The agriculture produce like soyabean are taxable however, their warehousing is exempt and not chargeable to tax. How?

Under GST regime, agriculture produce means “any produce out of cultivation of plants and rearing of all life forms of animals except rearing of hor ...
Hello sir we have made export of goods however the funds have not been realized. Is there any implication in GST regarding the same?

As per rule 96B introduced with effect from 23-3-2020 provides that where any refund of IGST paid on export of goods has been received by the exporter ...
What Is the GST rate for interest and penal charges levied by Chit Fund Company in case GST on foremen commission charged is @12%?

GST rate on foremen commission is charged at the rate of 12%. Similarly, GST rate on interest and penal charges shall be @12% only. The same view was ...
Tax payer being a company, is in one state (state -1). However vehicle carrying his goods is caught in another state (state-2) where the company is not having any registration. Company paid penalty under temporary registration ID created by the officer of state-2. Now, company wants to file an appeal but don’t have any temporary registration login credentials. How to file appeal in such a case?

. In the given query, after the interception a temporary ID was created by officer of state-2. However, the login ID and password of temporary registr ...
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Export of service is defined under section 2(6) of the IGST Act. It means supply of service when: ? The supplier of service is located in India. ...
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As per provisions of GST, where an e-way bill has been generated but goods are either not transported or are not transported as per the details f ...
The Taxpayer made exempted supplies but forgot to choose the same in GSTN while registering, can he be said to fail his right of exemption?

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If a taxpayer made mistake declaring the HSN/SAC of goods and services supplied, what are the consequences?

Under GST law, one of the most important elements is the classification of goods/services for the purpose of determination of rate of tax to be l ...

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What is the provision in case the recipient makes a delayed payment of consideration for the supply of goods/services rendered by the supplier? Are there any additional provisions for late fee charged on delayed settlement?

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