Quick Summary
Vide Notification No. 16/2021 Central Tax, the Central Board of Indirect Taxes and Customshas appointed 1st June 2021 as the date on which Section 112 of the Finance Act 2021 shall come into force. This section seeks to amend Section 50 of the Central Goods and Services Tax Act, 2017 which relates to Interest on Delayed Payment of GST. Read the official notification below: [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii)] Government of India Mi
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FAQ :
The new rules, stemming from Section 112 of the Finance Act 2021, came into effect on 1st June 2021.
Section 112 of the Finance Act 2021 amends Section 50 of the Central Goods and Services Tax Act, 2017.
The Central Board of Indirect Taxes and Customs (CBIC) announced the commencement date via Notification No. 16/2021 – Central Tax.
The main purpose of Section 112 is to amend the provisions related to the interest on delayed payment of GST.
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