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Interest On Net Liability is Notified


Pankaj Rawat (GST Practitioner)     26 August 2020

Pankaj Rawat
GST Practitioner 
 3602 likes  48856 points

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*Interest in GST to be levied on net liability notified! wef 01/09/2020 vide Notification No. 63/2020 Central Tax*

In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:ā€“ā€“
ā€œProvided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.ā€.

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Aditi Kaur (Practising CA)    27 August 2020

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Deepak Gupta (CA Student)     26 August 2020

Deepak Gupta
CA Student 
 2365 likes  15579 points

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So they overlooked the council's recommendation for retrospective amendment.

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Pankaj Rawat (GST Practitioner)     26 August 2020

Pankaj Rawat
GST Practitioner 
 3602 likes  48856 points

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yes..... its being prospective


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