Big Relief in GST | No Recovery of Interest on Gross Liability for Earlier Period | N/N 63/2020

Описание: CBIC has issued a new Press Release on 26.08.2020 where they have clarified that Notification No. 63/2020 could not be made applicable retrospectively from 01.07.0217. Due to some technical reasons, it was made applicable from 01st September, 2020. But they have assured that Interest on Late payment of GST will only be charged on Net Tax Liability for the period 1st July 2017 to 31st August 2020. No recovery of Interest shall me made on Gross tax liability and both the Central and State Tax Administrations shall abide by the decision taken by the 39th GST Council Meeting.

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