TMI Blog2021 (2) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... ade by debiting the cash ledger that is interest payable on net liability. Additionally, our attention is invited to the circular issued by the Central Board of Indirect Taxes Customs (CBIC), which reads as Interest on delayed payment of GST:CBIC Posted on 26th August 2020 5:34 PM by PIB Delhi Central Board of Indirect Taxes Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 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 Counc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithout jurisdiction and liable to be quashed by this Hon ble Court; d) For further holding and a declaration that the case of the petitioner is squarely covered by the judgment dated 06.01.2020 of Hon ble Madras High Court in the matter of Refex Industries limited Vs. Asst. Commissioner of CGST and Central Excise wherein it has been held that the liability of interest under Section 50 of the Act would be attracted only in case of the tax liability discharged from out of the cash ledger; e) For further holding and a declaration that no liability of interest would be attracted in the case of the petitioner when the credit balance existing in the electronic credit ledger of the petitioner is quite surplus to meet the tax liabilities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amended section- 50(1), it is prayed before the Hon ble Court that the taxpayer may be directed to pay the interest on delayed payment of tax which has been made by debiting the cash ledger that is interest payable on net liability. Additionally, our attention is invited to the circular issued by the Central Board of Indirect Taxes Customs (CBIC), which reads as under:- Interest on delayed payment of GST:CBIC Posted on 26th August 2020 5:34 PM by PIB Delhi Central Board of Indirect Taxes Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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