Performance is the essence of a contract. Liquidated damages cannot be said to be a consideration received for tolerating the breach or non-performance of the contract.
Department received various representations from the trade as well as the field formations seeking clarification on the applicability of demand and penalty provisions on transactions involving fake invoices. Understanding the severity of this issue, the Department issued the following clarification that how demand and penalty provisions on such transactions will apply to vide Circular No. 171/03/2022-GST dated 6th July 2017.
Attachment of bank account entails serious consequences to the assessee, therefore such power must be exercised only in strict compliance with the statutory power and can not be extended to cover situations which are not expressly contemplated by the section.
In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017, Central government has reduced the amount of late fees be payable on late filling of GSTR – 3B from October 2017 onwards. S no Taxpayer CGST SGST IGST 1 Whose tax liabilities is NIL 10 per day 10 per day 20 per day 2 All other taxpayer 25 per day 25 per day 50 per day NOTIFICATION NO.64/2017-CENTRAL TAX, DATED 15-11-2017 In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter
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