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Interest On Delayed GST Payment To Be On Net Tax Liability From Sep 1 As Finance Ministry Notifies Section 100 Of Finance Act, 2019
LIVELAW NEWS NETWORK
26 Aug 2020 11:05 AM IST
The Ministry of Finance on Tuesday (August 25) notified that Section 100 of Finance Act, 2019 will come into force from September 1, 2020.Section 100 of the Finance Act, 2019 inserted a proviso to Section 50 of the GST Act to clarify that the interest will be levied on a net basis. "Provided that interest on tax payable in respect of supplies made during a tax period and declared in the...
The Ministry of Finance on Tuesday (August 25) notified that Section 100 of Finance Act, 2019 will come into force from September 1, 2020.
Section 100 of the Finance Act, 2019 inserted a proviso to Section 50 of the GST Act to clarify that the interest will be levied on a net basis.
"Provided that interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with provisions of Section 39, except where such return is furnished after commencement of any proceedings under Section 73 or Section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting electronic cash ledger"
Ministry of Finance @FinMinIndia notifies September 1, 2020 as the date on which Section 100 of the Finance Act , 2019 will come into force.
— Live Law (@LiveLawIndia) August 26, 2020
Section 100 of the Finance Act, 2019 inserted a proviso to Section 50 of the GST Act with respect to interest on late #GST payment. pic.twitter.com/vExW56sfx8