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


 

Thanks & Regards :

TAXSHOP CONSULTANCY (OPC) PVT. LTD.

 

Reach us at - www.taxshop.in

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