CBIC Clarifies Notification on Interest for Delayed GST Payments; No Recoveries for Past Periods per GST Council Decision.

Interest on delayed payment of GST - CBIC has 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 Council. This will ensure full relief to the taxpayers as decided by the GST Council.- HC .....

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