Section 50 of CGST Act, 2017 : Section 50: Interest On Delayed Payment Of Tax
CGST Act, 2017
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Explanation using Example
Imagine a business owner, Mr. Sharma, who runs a furniture manufacturing company. He is required to file his GST return and pay the tax due by the 20th of the month following the tax period. For the month of August, Mr. Sharma was supposed to pay GST by September 20th. However, due to some cash flow problems, he failed to pay the tax by the due date.
As per Section 50(1) of the CGST Act, 2017, Mr. Sharma is now liable to pay interest on the unpaid tax amount...
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