Section 73(5)

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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.

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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 ?