9911796707
TMI BlogNon-issuance of notices in case of voluntary compliance under Sections 73 and 74 of the KSGST Act, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 74 of the KSGST Act, 2017. 1. Taxpayers have the option to voluntarily comply with their tax obligations before any formal notice is issued. If a taxpayer, upon his own ascertainment or based on the proper officer s ascertainment, discovers that they have any additional tax liability, they can choose to pay such tax dues along with the applicable interest under section 50 of the KSGST Act, 2017. Additionally, they are liable to pay a reduced penalty amounting to fifteen percent of the unpaid tax when the payment is made under Section 74(5) of the KSGST Act, 2017. 2. The relevant provisions of Section 73 and 74, ibid are as below: i. Section 73(5): The person chargeable with tax may, before service of notice under sub-section (1) or, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . vi. Section 74(7): Where the proper officer is of the opinion that the amount paid under sub-section (5) falls short of the amount actually payable, he shall proceed to issue the notice as provided for in sub -section (1) in respect of such amount which falls short of the amount actually payable. 3. Detailed Breakup of Payments: i. In case of own ascertainment, it is crucial for the person chargeable with tax to provide a detailed breakup of the amounts paid, including the tax, interest, and penalty. In the case of taxes that are not paid or short paid, the persons chargeable with tax may inform the manner of computation of such tax dues under the respective heads of IGST, CGST, KSGST and Compensation Cess and the tax period it is attribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer on receipt of the written communication/ information in FORM GST DRC-03 of payment as specified in Para 3 (supra), shall not issue any notice for the tax amount already paid with interest; or with interest and penalty as applicable in view of the provisions contained in sub-section (6) of Section 73, and sub-section (6) of Section 74 of the KSGST Act, 2017, respectively. 7. Issue of Notice in cases of shortfall in voluntary payment : In cases where it appears to the proper officer that the amount of tax paid with interest as per Section 73(5) of the KSGST Act,2017 or the amount of tax paid with interest and applicable penalty as per Section 74(5) of the KSGST Act, 2017 by the person chargeable with tax falls short of the amount actuall ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
