Interest to be charged on Net Tax liability w.e.f July 01,2017
Last updated: 09 November 2020
Court :
Madras High Court
Brief :
The Hon’ble Madras High Court in the case of M/s. Maansarovar Motors Private Limited v. The Assistant Commissioner and Others[W.P. No. 4468 of 2020, dated 29 September, 2020]has set aside orders for levying interest on input tax credit (“ITC”) as applied on delayed payment in line with GST Council’s resolution of levying interest on net cash liability only with effect from July 1, 2017 and held that the proviso to Section 50 of the Central Goods and Services Tax Act, 2017 (“CGST Act”) Act is retrospective in operation notwithstanding the notification bringing it into effect from September 1, 2020.
Citation :
W.P. No. 4468 of 2020, dated 29 September, 2020
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Bimal Jain
Published in GST
Views : 596
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