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No recovery to be made by GST Department for past period on account of interest on Gross Tax Liability.
CBIC issued a press note today. This press note is in context of Notification No. 63/2020 issued on 25.08.2020, which notifies the date of amendment in section 50(1) of CGST Act as to be 01st September 2020.
The above amendment was made to charge interest on Net Tax Liability instead of Gross Tax Liability under GST Regime.
The CBIC clarified that the Notification No.63/2020 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.
This clarification implies that although the above amendment of section 50(1) of CGST Act is effective from 01st September 2020, however taxpayers will not be required to pay interest on gross tax liability even for the period prior to 01st Sep 2020.
Now a question arises, what would happen to those cases where taxpayers had already paid interest on gross tax liability?
Read our full article on Amendment in Section 50 of CGST Act. - Click Here
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