Interest on net GST liability payable from 1st September 2020.

The Central Board of Indirect Taxes and Customs vide it’s on 25th August 2020, has notified that the interest for delay in payment of GST to be charged on the Net Cash Tax Liability shall be effective

The Amendment to Section 50 of the CGST Act, 2017 which deals with levy of interest on delayed payment of tax payable only in cash and not on ITC has now been made effective from 1st September 2020.

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