Mention the Provisions of the penalty under the GST Law relating to the following offences: (ii) Shyam collects ₹7,500 on account of GST from customers and failure to pay it to the credit of government beyond a period of
CS Professional · Advanced Tax Laws · PYQS · June 2022
Mention the Provisions of the penalty under the GST Law relating to the following offences: (ii) Shyam collects ₹7,500 on account of GST from customers and failure to pay it to the credit of government beyond a period of three months from its due date.
Answer & Explanation:
Case Offences prescribed Penalties prescribed (ii) Shyam collects ₹7,500 on account of GST from customers and failure to pay it to the credit of government beyond a period of three months from its due date. Penalty of ₹10,000 As per Section 122(1) of Central Goods and Services Tax Act, 2017 prescribed following penalties: (a) ₹ 10,000/- or (b) An amount equivalent to tax evaded (i.e. ₹7,500) whichever is higher
Topics: GST
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