Recovery of Interest u/s 50 on Net Cash Liability under GST

Recovery of Interest u/s 50 on Net Cash Liability under GST

An amendment was made in the provision of section 50 of the Finance (No. 2) Act, 2019 to provide for charging Interest on the net cash tax liability, which was based on the recommendations of the 35th meeting of the GST Council which came into effect from September 1, 2020. This amendment has been made in the CGST act- section 50 for recovery of Interest only on net cash liability… Read More »Recovery of Interest u/s 50 on Net Cash Liability under GST