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IGST Penalty

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(Querist)
15 September 2024 If we pay IGST RCM Tax , there is liability of penalty or interest on it ??
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 October 2024 According to Section 125 of the CGST Act, 2017, a penalty of ₹25,000/- can be imposed for non-payment or delayed payment of tax under RCM.
As per Section 50 of the CGST Act, 2017 Interest @ 18% per annum is payable on the delayed payment of tax.
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