Interest in GST on late payment to be levied on net liability notified

Interest in GST on late payment to be levied on net liability notified

Notification is effective wef 01/09/2020 vide Notification No. 63/2020 Central Tax

The much awaited Amendment to Section 50 of the CGST Act, 2017 (levy of interest on delayed payment of tax payable only in cash and not on ITC availed) is finally being made effective from 01/09/2020.

Interest in GST on late payment to be levied on net liability notified

Here is complete Text of the Notification:

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

 

Read Notification

You May Also Like: 

Interest on delayed GST Payments under section 50 of CGST Act, 2017

The post Interest in GST on late payment to be levied on net liability notified appeared first on Studycafe.

from Studycafe https://ift.tt/3gtpcdp