Charging of interest on delayed payment of GST on net liability
Section 50 of the CGST Act — Interest - The petitioner prayed for quashing of the order dated 23.02.2020 passed under Section 75(12) read with Section 50(2) of the Act, and the consequential demand notice/summary of order issued in form GST DRC-07 dated 23.02.2020. The respondent counsel submitted that post issuance of Notification-no-63/2020 dated 25th August 2020, a press release was issued by Ministry of Finance, Govt of India on 26.08.2020 wherein it was clarified that amendment in section 50(1) has been made effective prospectively w.e.f. 01.09-2020 due to certain technical limitations, however for present no recoveries for interest charged on gross liability will be recovered for the past period as well by the central and state tax administration.
Held that:- The Hon’ble High Court closed the present proceedings.
Charging of interest on delayed payment of GST on net liability
Section 50 of the CGST Act — Interest - The petitioner prayed for quashing of the order dated 23.02.2020 passed under Section 75(12) read with Section 50(2) of the Act, and the consequential demand notice/summary of order issued in form GST DRC-07 dated 23.02.2020. The respondent counsel submitted that post issuance of Notification-no-63/2020 dated 25th August 2020, a press release was issued by Ministry of Finance, Govt of India on 26.08.2020 wherein it was clarified that amendment in section 50(1) has been made effective prospectively w.e.f. 01.09-2020 due to certain technical limitations, however for present no recoveries for interest charged on gross liability will be recovered for the past period as well by the central and state tax administration.
Held that:- The Hon’ble High Court closed the present proceedings.