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Section 73 and74
can we pay penalty of u/s 73 &74 by credit ledger.
Replies (3)
As per section 49(4) of the CGST Act, the amount available in the Electronic Credit Ledger can be used toake payment of 'output tax' only.
Hence, 'penalty' cannot be paid by credit ledger.
Hence, 'penalty' cannot be paid by credit ledger.
Penalty can be paid only from cash ledger
However, due to amendment in the rule it is optional. Thus,if in response to such intimation u/s 74 (5) person pays such ascertained tax and interest, then he will required to pay penalty equivalent to 15 % of the such tax in fraud case. And no penalty is payable under section 73 (5) for normal case.
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