Section 76 of CGST Act, 2017 : Section 76: Tax Collected But Not Paid To Government

CGST Act, 2017

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Explanation using Example

Imagine a scenario where a business, "TechGadgets Ltd.," collects GST from its customers on the sale of electronic devices. Despite collecting GST, TechGadgets Ltd. fails to deposit this amount with the government. According to Section 76 of The Central Goods and Services Tax Act, 2017, TechGadgets Ltd. is required to pay this collected amount to the government immediately, even if the devices sold are later determined to be non-taxable.

The tax authorities discover this discrepancy and serve a notic...

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