HDNK asked 5 years ago
INTEREST ON LATE PAYMENT OF GST
DEPARTMENT ISSUE A NOTICE FOR PAYMENT OF INTEREST
IN WHICH SECTION IN DRC 03 WILL SELECT FOR PAYMENT OF INTEREST
1 Answers
CA RAHUL GROVER answered 5 years ago
Form DRC-03 is filed for making a voluntary payment of outstanding liabilities u/s 73 and 74 of the CGST Act. A taxpayer can self ascertain the tax before issuance of SCN or within 30 days of SCN determination to avoid the hassles of demand and recovery provisions.
Section 73 – deals with cases where there is non-payment/under-payment of tax without any intention or invocation of fraud.
Section 74 – deals with cases where there is non-payment/under-payment of tax with intention or invocation of fraud
