Amendment status not verified — confirm the current text below against the official source.
(2) _(l) 63 ‘ CHAPTER-X PAYMENT OFTAX Eyery deposit made toWaras tax, interest, penalty, fee or any other amount bya; taxable person by internet banking or by using credit or debit cards or National . Electronic Fund’I‘ransfer orReal Tm: Gross Settlement orby suchother modeand subjecttosuch conditions and restrmuonsasmaybeptescribedshaflbecreditedto the ,, electronic cashledger ofsugh person tobemaintained‘ in suchmanner as may beprescribed, I‘Rg" The input taxcredit asself-assessedm the return of are glistered person shall be credited to his electronic credit ‘ .-.- ledges in accordance with section 41, to be maintained .«insuchniannerasmaybe prescribed. .. .; x The amount availablein the electronic cash ledger may 3 - be used for making any payment towardstax, interest, ‘ (4) - “penalty; fees or any other amount payable under the provisions of this Act or the rules made thereunder'in , , such mannerand subject to such conditions and within . ’ 'suChtime as may bepreScribed. The ambunt available in the electronic credit ledger may be used for making any payment towards output tax under this Act or under the Integrated Goods and Sci-Vices Tax Act'in such manner and subject to such 5) Theammmtrofinput taxcreditavailable in the electronic creditledger oftheregisteredperson on account of- (a) integratedtaxshallfirst beutilisedtowaraspayment ofintegrated tax and the amount remaining, if any, Payment of tax. (interest, Penalty amounts. maybeutihsedtowardsthepaymentofcentraltax',, = - and State tax. or as the case may be, Union territory tax. in that order; _ ,. (b) thecentraltaxshallfirstbeutihsedtowardspayment of central tax and the amount retraining. if any, may be utilised towards the payment of integrated 1‘ _' _ k m: 1 l , ic)‘ :the State taxshall first be utilisedtowards payment of State tax and theamount remaining, if any, may be utilised towards the payment ofintegrated tax; and other 64 (d) the Union territory tax shall first be utilised - towards payment of Union-gterritory tax and the amount-remaining, if any, may be utilised towards the payment ofintegrated tax; » , ' ' i 4 (e) thecentral taxshall not'be utilisedtom Payment (7) (8) ' of Statetax or Unionterritory tax; and i (f) the State tax or Union'*‘territory~m:shall not be . , . utilised toWards paymentofcentral tax. ' The'balance in the3e1ectronic cash ledgerbr' electronic credit ledger after payment oftax. interesfipenalty, fee or any other amount payable under this Act "or the rules made thereunder may be refunded in accordance with 3 the provisions ofsection 54. _ ' _ . . An liabilities of a taxable person under this Act shall _ be recordedand maintained in an electronic liability register in such manner as may be prescribed. Every taxable person shall discharge his tax and other .duesunderthisActortheruiesmadetheeeunderinthe followingorder, namely:— . I 3' (a) self~dssessedtax, and other dues:related to returns ofprevious tax periods; .3g (b). self-assessed tax, and other dues related to the t9). retumofthecurrenttaxperiod; '_ > (cl .‘anyjdth‘er amouht'payalile under this Act or the ' rules made thereunder including; the demand determined under section 73or section 74. ‘ Every person who has paid the tax: on goods or services orboth under this Actshall. unless the contraryis proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods or services or Explanations For the purposes ofthis SectiOn, (a) (b) the date of credit to the account of the Government in the authorised bank shall be'deemed to be the date of the expression: ‘ ‘ _ (i) ““tax dues’imeans' the tax payable'Sun‘der this Act and does not include interest, fee and penalty; and ' deposit-in the electrohic‘cash ledger. ' (ii) «other dues” meansjntezrest, Penalty, fee 01' any 3 other amount payable under this Act 61: the rules " made taste-$19“?- .- ' 7 _, 50.. as) 65 Every person whors liable topaytax in accordance with the provisions ofthis Actor therirles made thereunder, fails to pay the tax or anypart thereoftothe Government within the period prescribed, shall for the period for » ,0 which the tax or any partthereof remainsunpaid, pay , , . on his own, interest atsuch"i‘ate,,notexceedingeighteen ‘ , 3931, cents as may be notified by the Government on the _(2) (hereafterin this section referredto as“the deducto‘r”), to deduct , ’ (3) \ recommendations ofthe Cogncm; Z'Ihe interest under sub-section (1) shall be calculated in such manner as may beprescribedfrom the day . succeeding the day on which such taxwas due to be _ Paid. , _ , _ . - A taxable person who makes an undue or excess claim of input tax credit under sub-section (10) of section 42 or undue or excess reduction”in 3utput tax liability under sub-section(10) 3f section 43, shall pay interest ~onSuch undue or excess claim or on such undue or excessreduction, as the case maybe, at such rate not exceeding twenty--four per cent,as maybe notified J ' by the Government on the recommendations of the (1) 3 Council. Notwithstanding anything to thegontrary containedin this Act, the Government maymandate,- (a) a department or establishment of the Central Government or State Government; or , (b) local authority, or (c) Governmentalagencies; or (d) suchpersonsorcategoryofpersonsasmaybenotified by the Government on the recommendations ofthe Council. tax at the rate ofone per cent from the payinent made or credited to the supplier (hereafter in this section referred to as “the deductee”) of taxable; goods onservices or both, where the total value of such supply, under a contract, exceeds two lakhand fiftythousand rupees: is differentfrom the Stateor. as thecase maybeUnion temtorywof“ registration of therecipient. Provided that no deduction shall be made ifthe location ofthe supplier and the place ofsupplyrsin a §tateqtUnion territorywhich 2 Interest on delayed y; payment oftax. Tax deduction at source. 66 ai-Explamztion: For the purpose of deductionof tax specified above, the value ofsupplyshillbe taken asthe amount excluding the tax indicatedinthe invoice (2) r. (3) a (4) “(5) :22?‘it 2‘ Theamountdeductedas tax under this section shall be 'paidto theGbfii’ninentbythe deductorwithin ten days afterthe endof the month in which such deduction'is , made, in suclimanneras may be prescribed. shire deductdr shall furnish to the deducted a certificate I_.’\ ' ”3 mentioningtherein theeontractvalue, rate ofdeduction, ‘ amountdeducted, amount paid to the Government . and such other particulars in such manner as may be . prescribed.1 e If any deductor fails to furnish to the deductee the certificate, after dedusting the tax at source, within five days of crediting the amount so deducted to the ' Governinent,the deductor shall pay, by way of a late fee; a sum of one hundred rupees per day fi'om the day after the expiry ofsuch fivedayperiod until the failureis rectified, subject to amaxinmm amount offive thousand rupees. The deductee shall claim credit, in his electronic cash ledger, of thetax deducted and reflectedin the return of , the deductor furnished under sub-section(3) of section A ' 39, insuchmanner as may be prescribed. (6) (7) ,, {8) If any deductor fails to pay to the Government the amount deducted as tax under sub-section (1), he shall pay interest in accordance with the provisions of sub- section (1) ofsection 50, in addition to the amount oftax _ deducted. The determination of the amountin default under this section shall bemade'inthe manner specified'insection '23 or section 74. Therefund to the deductor or the deductee;arismg on account ohmor erroneousdeduction shah be dealt with in aceordance With theprovisions ofsection 54: ,1: Pfofided that norefiind‘tothededuCtorshall begranted. ifthe amdiint deductedhas beencredited to the electromccash ledgerof the deductee.