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Disputed Admitted Tax?


Interest on delayed payment of GST paid through ITC

As per recommendation of GST Council in the 31st meeting held on 22-Dec-2018: 'Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.' ( Source: http://www.cbic.gov.in/resources//htdocs-cbec/gst/GST-Update22122018.pdf ). However, it appears that this recommendation has not been implemented yet by amendment of Act. Even if the amendment will be made, we have to see whether retrospective effect will be given or not.
The views expressed are personal views.

Shvetal Parikh 07/02/2019

 

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