Author: bihartaxconsultant

Section 50. Interest on delayed payment of tax.- (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or […]

1 [ Section 49B. Order of utilisation of input tax credit.- (1) Notwithstanding anything contained in this Chapter and subject to the provisions of clause (e) and clause (f) of sub section (5) of section 49 , the Government may, on the recommendations of the Council, prescribe the order and manner of utilisation of the input tax credit on account of integrated […]

1 [ Section 49A. Utilisation of input tax credit subject to certain conditions.- Notwithstanding anything contained in section 49 , the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input […]

CHAPTER X PAYMENT OF TAX   * Section 49. Payment of tax, interest, penalty and other amounts.- (1) Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode […]

Section 48. Goods and services tax practitioners. – (1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of removal and other conditions relevant for their functioning shall be such as may be prescribed. (2) A registered person may authorise an approved goods and services tax practitioner […]

 Section 47. Levy of late fee. – (1) Any registered person who fails to furnish the details of outward or 1 [***] supplies required under section 37 1 [***] or returns required under section 39 or section 45 2 [or section 52 ] by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum […]

Section 46. Notice to return defaulters. – Where a registered person fails to furnish a return under section 39 or section 44 or section 45 , a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed . *Enforced w.e.f. 1st July, 2017.

Section 45. Final return. – Every registered person who is required to furnish a return under sub-section (1) of section 39 and whose registration has been cancelled shall furnish a final return within three months of the date of cancellation or date of order of cancellation, whichever is later, in such form and manner as may be prescribed . […]

1 [Section 44. Annual return. – Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52 , a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial […]

Section 43A. 1 [*** ] 1. Omitted (w.e.f. a date yet to be notified) by s. 107 of The Finance Act 2022 (No. 6 of 2022) for Section 43A. Procedure for furnishing return and availing input tax credit. – (1) Notwithstanding anything contained in sub-section (2) of section 16, section 37 or section 38, every registered person shall in the […]