GST Daily
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Today’s newsletter analytically summarizes the top GST stories reported at taxmann.com.
The department levied interest due to the delay in filing GSTR-3B returns by the petitioner. However, the petitioner denied to pay interest on the delay in filing of GSTR 3B for disputed periods on grounds that the amount of tax had already been deposited prior to the filing of the GSTR 3B return in its electronic Cash Ledger. ? ? ?
The question before the High Court was whether the amount deposited as tax through valid challans by a registered person in the Government Exchequer prior to the filing of the GSTR 3B returns could be treated as the discharge of the tax liability. ? ? ?
The Honorable High Court noted that an Electronic cash ledger is just an e-wallet where cash can be deposited at any time by creating requisite challans. The assessee can claim a refund of the amount deposited in the Electronic cash ledger at any time by following the procedure prescribed under the GST Act and the computation of interest liability is dependent upon delay in filing of returns beyond the due date. Therefore, it was held that revenue had rightly computed interest on the delayed payment since the petitioner had delayed in filing returns for the disputed period. ? ? ?
The DGFT has issued a list of product groups showing the percentage decline in exports during the year 2021-22 as compared to the year 2020-21. The Regional Offices are requested to re-fix the annual average export obligation for EPCG Authorisation for the Year 2021-22 accordingly. ?
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The Government has exempted levy of any customs duty on the import of motor car for the use of the Governor of the State. In this regard, CBIC has issued a notification which shall come into force with effect from November 18th, 2022. ? ? ? ?
The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of foreign currencies into Indian currency or vice versa, with effect from 18th November 2022, for the import and export of goods.
That’s it from us for today! Stay Tuned for more updates from?Taxmann.com
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