GST Council update: Circular to be issued on manner of calculation of Interest amount to be paid in respect of wrongly availed and utilized IGST Credit
The Union Finance Minister Nirmala Sitaraman presided over the 50th meeting of the GST Council on 11th July 2023 at Vigyan Bhawan in New Delhi...
![No penalty can be Imposed when Entire Service Tax Discharged Along with Interest before Issuance of SCN u/s 78 of Finance Act: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-penalty-can-be-Imposed-when-Entire-Service-Tax-Discharged-Along-with-Interest-before-Issuance-of-SCN-Finance-Act-CESTAT-TAXSCAN.jpg "No penalty can be Imposed when Entire Service Tax Discharged Along with Interest before Issuance of SCN u/s 78 of Finance Act: CESTAT [Read Order]")
![Refund of IGST Allowable on Zero Rated Supply along with 7% Interest: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Refund-IGST-Zero-Rated-Supply-Bombay-High-Court-Supply-Interest-Refund-of-IGST-Refund-of-IGST-Allowable-taxscan.jpg "Refund of IGST Allowable on Zero Rated Supply along with 7% Interest: Bombay HC [Read Order]")
![ITAT deletes Tax imposed on Interest received from Income Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-ITAT-deletes-Tax-imposed-Tax-Tax-imposed-Interest-Income-Tax-Department-Income-Tax-taxscan.jpg "ITAT deletes Tax imposed on Interest received from Income Tax Department [Read Order]")
Interest Charged u/s 201(1A) of Income Tax Act on ground of Delay in Remittance of TDS : ITAT Directs to Delete Interest [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to delete the interest charged under section 201(1A) of the Income Tax Act,1961 on the ground of delay...
![Interest Charged u/s 201(1A) of Income Tax Act on ground of Delay in Remittance of TDS : ITAT Directs to Delete Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Charged-of-Income-Tax-Act-on-ground-of-Delay-in-Remittance-of-TDS-ITAT-Directs-to-Delete-Interest-TAXSCAN.jpg "Interest Charged u/s 201(1A) of Income Tax Act on ground of Delay in Remittance of TDS : ITAT Directs to Delete Interest [Read Order]")
No Penalty under Excise Act Invokable When Duty with interest Levied u/s 12BB on Clearance of Engine to Sister Concern: CESTAT [Read Order]
The Chennai bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that penalty under the excise act is not invokable when duty with interest levied under section 12BB on...
![No Penalty under Excise Act Invokable When Duty with interest Levied u/s 12BB on Clearance of Engine to Sister Concern: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-under-Excise-Act-Excise-Act-Penalty-interest-Levied-Engine-to-Sister-Concern-CESTAT-taxscan.jpg "No Penalty under Excise Act Invokable When Duty with interest Levied u/s 12BB on Clearance of Engine to Sister Concern: CESTAT [Read Order]")
Payment of Interest does not Arise in Revenue Neutral Situation, no Duty to be Paid: CESTAT [Read Order]
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), recently ruled that the payment of interest does not arise in case of revenue neutral situation and hence no duty...
![Payment of Interest does not Arise in Revenue Neutral Situation, no Duty to be Paid: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Payment-of-Interest-no-Duty-to-be-Paid-Interest-Payment-CESTAT-taxscan.jpg "Payment of Interest does not Arise in Revenue Neutral Situation, no Duty to be Paid: CESTAT [Read Order]")
Interest Subsidy received under technology upgradation fund is capital receipt, no tax chargeable :ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that interest subsidy received under technology upgradation fund is capital receipt.hence no tax should be leviable. The...
![Interest Subsidy received under technology upgradation fund is capital receipt, no tax chargeable :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Interest-Subsidy-technology-upgradation-fund-capital-receipt-tax-ITAT-fund-taxscan.jpg "Interest Subsidy received under technology upgradation fund is capital receipt, no tax chargeable :ITAT [Read Order]")
Interest, Not Chargeable if Credit has been taken but not Utilised and Subsequently Reversed: CESTAT [Read Order]
The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT) has held that interest is not chargeable if credit has been taken but not utilised and subsequently reversed. ...
![Interest, Not Chargeable if Credit has been taken but not Utilised and Subsequently Reversed: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-CESTAT-Interest-Not-Chargeable-taxscan.jpg "Interest, Not Chargeable if Credit has been taken but not Utilised and Subsequently Reversed: CESTAT [Read Order]")