Interest on delayed payment of GST to be paid on net tax liability after adjusting credit in ECL from 1st June 2021
Clause 112 of the Finance Act 2021 amended Section 50 of the CGST Act 2017 related to Interest on delayed payment of tax.
The amendment provided that interest will only be paid on the net tax liability, after balancing the credit in the electronic credit ledger, given that the person has not been issued any show-cause notice under section 73 or 74.
The CBIC / Ministry of Finance has issued Notification No. 16/2021 –Central Tax notifying 1st day of June, 2021, as the date on which the provisions of the said amendment shall come into force.
Download Notification Click Here >>
- Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
- Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
- AO is under an obligation to assign reasons for rejecting explanation of the assessee
- CBIC issues SoP for clearance of imported goods through Foreign Post Offices
- Sale deed executed with full knowledge of only part consideration paid, not void – SC
