Notice sec 73(9) inward supplies sales transaction treatment
kollipara sundaraiah (B.com) (2618 Points)
31 March 2023question:
dealer e-waybills purchase transactions sales turnover treatment gst department and tax pay compulsory.
kollipara sundaraiah (B.com) (2618 Points)
31 March 2023
sudhakar
(personal financial advisor)
(29 Points)
Replied 02 April 2023
Section 73(9) of the Central Goods and Services Tax (CGST) Act, 2017 deals with the treatment of sales transactions related to inward supplies. According to this section, if a registered person fails to pay the tax or any part thereof, along with interest, if any, within a period of 180 days from the date on which the tax was due, the amount payable will be added to the output tax liability of the registered person.
This means that if a registered person fails to pay the tax on inward supplies within the prescribed time limit, the amount payable will be treated as if it was output tax liability and will be added to the total amount of tax to be paid by the registered person. It is important for businesses to comply with the provisions of the CGST Act and ensure that they pay their taxes on time to avoid any legal action or penalties.