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Ministry notifies amendment in GST law for levying interest on net cash liability June 02, 2021 Taxpayers who have already paid interest on gross liability can seek refund The Finance Ministry notified amendment in Central Goods and Services Tax (CGST) Act to facilitate charging of interest on net cash (tax) liability, retrospectively. To ensure smooth implementation, States will also be required to amend the State Goods and Services Tax (SGST) Act and notify at the earliest. Experts feel that such a notification will give a big relief to assessees. Net cash liability is arrived at after deducting input tax credit from gross GST liability. Tax is deposited along with returns within the prescribed timeline. After the prescribed date, the assessee is required to pay interest on cash liability.

Aditya singhaniaConsultancy coCouncil onServices taxFinance ministryCentral goodsState goodsFinance actCentral boardIndirect taxesCall bookGst lawNet cash liabiltyஆலோசனை இணைசபை ஆன்சேவைகள் வரி