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Administrative instructions for recovery of interest on net cash tax liability w.e.f. 01.07.2017 - GST - F. No. CBEC- 20/01/08/2019-GST

Extract

..... y w.e.f. 01.07.2017 -reg. Based on the recommendations of the 35th meeting of the GST Council held on 21st June, 2019, the provision of section 50 was amended vide section 100 of the Finance (No. 2) Act, 2019 to provide for charging interest on the net cash tax liability. The said amendment was to be made effective from a date to be notified by the Government. Accordingly, the said provision was made effective vide notification No. 63/2020 - Central Tax dated the 25th August, 2020, w.e.f. 01.09. .....

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Administrative instructions for recovery of interest on net cash tax liability w.e.f. 01.07.2017 - GST

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..... 0, field formations in your jurisdiction may be instructed to recover interest only on the net cash tax liability (i.e. that portion of the tax that has been paid by debiting the electronic cash ledger or is payable through cash ledger); and b. wherever SCNs have been issued on gross tax payable, the same may be kept in Call Book till the retrospective amendment in section 50 of the CGST Act is carried out. 4. Difficulty, if any, in the implementation of these instructions may please be brought .....

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Administrative instructions for recovery of interest on net cash tax liability w.e.f. 01.07.2017 - GST

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