CLARIFICATION BY CBIC ON NET GST INTEREST LIABILITY
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CLARIFICATION BY CBIC ON NET GST INTEREST LIABILITY
The GST Council in
its 39th GST Council Meeting had notified that the interest will be chargeable
on the net GST liability w.e.f. 1st Sep 2020.This Notification had created confusion among
the taxpayers. Now CBIC has issued a clarification regarding the same which is
as under:
Interest on delayed payment of GST: CBIC
The
Central Board of Indirect Taxes & Customs (CBIC) today clarified that the
Notification No. 63/2020-Central Tax dated 25th August 2020 relating to
interest on delayed payment of GST has been issued prospectively due to certain
technical limitations. However, it has assured that no recoveries shall be made
for the past period as well by the Central and State tax administration in
accordance with the decision taken in the 39th Meeting of GST Council.
This will ensure full relief to the taxpayers as decided by the GST Council.
CBIC
explanation came in response to an assortment of comments in the social media
with respect to Notification dated 25th August 2020 regarding charging of
interest on delayed payment of GST on net liability (the tax liability
discharged in cash) w.e.f. 1st September 2020.
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