Interest waives against non payment to buyer

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This query is : Resolved

Prem Chandra Thakur (Querist)

02 January 2019 Dear Sir,

It has been decided in 28th GST council meeting that the Interest would not paid for input credit taken against non payment to buyer within 180 days. but I did not find any notification , circular or order regarding it.
My query is whether we should not paid the interest on the basis GST council meeting or wait for further notification .
Kindly guide me.
Thanks & Regards
Prem Chandra Thakur

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 January 2019 Wait for further notification.

Prem Chandra Thakur

Prem Chandra Thakur (Querist)

29 November 2019 Sir,
I want to know whether there is any updation reagarding it.
Regards,
Prem Chandra Thakir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 November 2019 The 31st GST Council meeting recommended changing this Law to provide that only the net liability of a taxpayer would hereafter be subjected to interest. This amendment to the Central Goods and Services Tax Act, was presented under the Finance Bill, 2019. Under this new amendment governing section 50 of the Act, interest will now be charged on only that portion of the GST liability which is paid by debiting the electronic cash ledger. In other words, the portion paid using cash, bringing much desired relief to tax payers. ..

Prem Chandra Thakur

Prem Chandra Thakur (Querist)

21 October 2020 Sir,
My question regarding the interest against Non payment to buyer within 180 days.
whether we should have paid the interest or not.
Kindly guide us
Thanks & Regards
Prem Chandra Thakur

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 October 2020 It's left to you based on the understanding with your supplier.

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