India- Notification relating to interest on delayed GST payment issued prospectively: CBIC

2020-08-27 06:24:01

(MENAFN- KNN India) Notification relating to interest on delayed GST payment issued prospectively: CBIC

New Delhi, Aug 27 (KNN) The Central Board of Indirect Taxes & Customs (CBIC) has clarified that its earlier notification relating to interest on delayed payment of Goods and Services (GST) has been issued prospectively due to certain technical limitations.

'The 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,' CBIC said in a statement on Wednesday.

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,' it added.

It further said the CBIC explanation came in response to an assortment of comments in the social media with respect to Notification dated 25th August 2020 regarding charging of interest on delayed payment of GST on net liability (the tax liability discharged in cash) w.e.f. 1st September 2020.

MENAFN2708202001550000ID1100703944

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.