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2020 (3) TMI 355 - HC - GSTLevy of Interest on ITC - petitioner submits that, firstly, interest on ITC could not be levied since the amount of ITC already stands credited to the account of respondents - he further submits that interest on cash has also been incorrectly levied, in as much as the petitioner had deposited the cash element with the tax in due course - HELD THAT - The petitioner had tendered in Court a print out of the electronic cash ledger for the period 01.07.2017 to 31.03.2019 in support of his submission that the cash element of tax has also been paid in due course. Copy of the same will be provided to counsel for the respondents. She seeks time to take instructions in this regard. List on 04.03.2020.
Issues Involved:
1. Exemption application 2. Stay application regarding interest on ITC and cash liability for financial year 2017-18 Analysis: 1. Exemption Application: The Court allowed the exemption subject to all just exceptions, disposing of the application. This decision indicates that the petitioner's request for exemption was granted by the Court, but with the caveat that certain exceptions may apply. 2. Stay Application Regarding Interest on ITC and Cash Liability: During the hearing, the petitioner's counsel presented a demand notice from the respondents showing a significant liability towards interest on ITC and cash for the financial year 2017-18. The petitioner argued that interest on ITC should not have been imposed as the amount was already credited to the respondents. Similarly, the petitioner contended that interest on cash was wrongly levied despite the cash element being deposited with the tax authorities on time, albeit with a delay in filing returns. The petitioner provided evidence in the form of an electronic cash ledger to support the claim that the cash tax element was paid promptly. The Court scheduled a further hearing on the matter for additional instructions from the respondents' counsel, indicating a need for more information and clarification before making a final decision on the issue. This detailed analysis of the judgment provides a comprehensive overview of the issues involved, the arguments presented by the parties, and the Court's directions for further proceedings.
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