Section 73(5)

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Network (Querist)
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23 July 2022 When GST is collected under section 73(5) after much delay past due date , what does it imply ?

Can penalty be levied ? What is the most honest plea one can take after being paying GST section 73(5) ?

Thank you.

Udaya Chandran

Udaya Chandran (Expert)
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23 July 2022 Section 73(5) implies the voluntary payment. When the tax liability along with applicable interest is paid under section 73(5), before serving notice, there will be no penalty.

Network

Network (Querist)
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25 July 2022 Thank you Mr.Udaya Chandran. Will the interest levied be simple interest i.e. at 1% per months for the number of months delayed ?

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