Gst net payable with interest for delayed payment

221 views 5 replies

Umesh V Naig

Statutory Analyst

452 Points Joined November 2008

In the GST 31 Council meeting in Dec approved amendment to Sec 50 of the CGST Act to allow interest to be charged only on net tax liability in GST.

But the amendment is not in force hence the provision of payment without adjusting the input credit still continues.

Is there any time limit if the amendment is not enacted , the minutes of the GST council meeting will lapse like FINANCE BILL BUDGET to be accepted by vote in parliament procedure.

How as assess to view and follow.

Legal experts please discuss

Replies (5)

Padmanathan Kv

2127 Points Joined October 2017

The recent decision in Meghana Engineering & Infrastructure Ltd ( Telangana HC) has also ruled in favour of department and dismissed the writ petition filed by assessee.

CA Shikha Sharma

Ceo

3869 Points Joined February 2019

The recent decision in Meghana Engineering & Infrastructure Ltd ( Telangana HC) has also ruled in favour of department and dismissed the writ petition filed by assessee.

but such is not to the mark

Padmanathan Kv

2127 Points Joined October 2017

Just sharing input reg the same

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

It's really hard on part of Taxpayer , moreover its not AAR Ruling , its from High Court , hence matters

Umesh V Naig

Statutory Analyst

452 Points Joined November 2008

Dear panelist,

subject is not the decision , when the GST council approves certain changes how long time is permitted to amend the ACT where ever required like above

is there any time limit for such amendment in ACT for the same

Let us discuss the basics ,tku