Chapter XXI (Sections 143-174) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to miscellaneous provisions. Section 170 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Service of notice in certain circumstances under CGST Act 2017.
Recently, we have discussed in detail section 169 (i.e. Service of notice in certain circumstances) of CGST Act 2017. Today, we learn the provisions of section 170 of the CGST Act 2017. Complete Details of CGST Section 170 – Rounding off of tax, etc. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 170 of CGST Act 2017
Section 170 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017 – Central Tax, G.S.R. 658(E), dated 28.06.2017. In this note, you will learn detail of the provisions of section 170 of CGST Act 2017 read with Central GST Rules 2017.
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.