DELAYED GST PAYMENT: INTEREST TO BE CHARGED ON NET TAX LIABILITY FROM SEPTEMBER 1
" Success is walking from failure to failure with no loss of
enthusiasm”
DELAYED GST PAYMENT: INTEREST TO BE CHARGED ON NET TAX LIABILITY FROM
SEPTEMBER 1
The GST Council in
its 39th GST Council Meeting had notified that the interest will be chargeable
on the net GST liability and that too with retrospective effect that is July
2017. However, as per the latest notification, 1/09/2020 has been
notified as to the effective date for the same.This Notification has created confusion among
the taxpayers.
Official Notification is as under:
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Indirect Taxes and Customs)
NOTIFICATION
New Delhi, the 25th August, 2020
No. 63/2020 - Central Tax
"G.S.R. 527(E).
- In exercise of the powers conferred by sub-section (2) of section 1 of the Finance
(No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st
day of September 2020, as the date on which the provisions of section 100 of
the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force."
[F. No. 20/06/09/2019-GST]
PRAMOD KUMAR, Director
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