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Interest on Net Cash Liability will be Levied Retrospectively : Clarifies CBIC

CBIC in its press release dated 26.08.2020, clarifies that interest on net cash liability will have retrospective effect. The words of press release are as under :

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. 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.

CBIC clarification 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.

Have You Paid Interest on ITC Utilisation also ??

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