Section 170 of CGST Act, 2017 Rounding off of tax
The below post explains about Rounding off of tax under section 170 of CGST Act,2017.
Section 170 of CGST Act, 2017 explains Rounding off of tax as below: (The amendments if any will also be updated here soon).
The extract of Section 170 of CGST Act,2017 quoted below:
170 Rounding off of tax, etc.
170. The amount of tax, interest, penalty, fine or any other sum payable, and the
amount of refund or any other sum due, under the provisions of this Act shall be rounded off
to the nearest rupee and, for this purpose, where such amount contains a part of a rupee
consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee
and if such part is less than fifty paise it shall be ignored.
The above information clarifies about Rounding off of tax under section 170 of CGST Act,2017.
If you have any comments about Section 170 of CGST Act, 2017 explaining Rounding off of tax, share below your thoughts:
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