GST Amendment of section 50 of CGST Act: Interest on GST on net liability
Notification No. 63/2020 – Central Tax dated 25th August 2020
- Provisions of Section 100 of the Finance Act 2019 (Interest on delayed payment) shall come into force w.e.f 1st September 2020
- In Section 50(1) of the CGST Act, the following proviso inserted, namely:––
“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after the commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”
The post GST Amendment of section 50 of CGST Act: Interest on GST on net liability appeared first on Studycafe.