Interest on delayed payment of GST applicable on Net Cash Liability to be effective from 1 September, 2020

Greetings!

Central Board of Indirect Taxes and Customs (‘CBIC’) notifies amendment in Section 50 of CGST Act, 2017 with effect from 1 September, 2020. In terms of the said amendment, interest on delayed payment of GST shall be levied on net tax liability after giving effect to input tax credit utilized for payment of taxes i.e. on GST portion discharged in cash.

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Newsflash_Interest on delayed payment of GST applicable on Net Cash Liability to be effective from 1 September 2020