Last updated on June 4th, 2021 at 06:56 pm
The journey of Section 50 so far
Section 50 of GST Act – Interest on delayed payment of tax
| Impact of changes made in Section 50 | Interest on gross tax liability | Interest on net tax liability |
|
Section 50 was notified w.e.f 01.07.2017 |
1st July 2017 onwards |
N.A. |
|
In-principle approval for amendment in the 31st GST Council meeting |
1st July 2017 onwards |
N.A. |
|
Amendment proposed in Finance Bill (No. 2) 2019 |
1st July 2017 onwards | N.A. |
|
Amendment to Sec 50 proposed in Finance Bill (No. 2) 2019 |
1st July 2017 to 31st Aug 2020 |
1st Sep 2020 onwards |
| Clarification issued by Government on Twitter. (Refer Press Release dated 26.08.2020) |
1st July 2017 to 31st Aug 2020 |
1st Sep 2020 onwards |
|
Amendment to Sec 50 proposed in Finance Bill (No. 1) 2021 |
1st July 2017 to 31st Aug 2020 |
1st Sep 2020 onwards |
| Amended Section 50 was notified w.e.f 01.07.2017 (Refer CGST notification no. 16 dated 01.06.2021) |
N.A. |
1st July 2017 onwards |
Thought to ponder…
Is there any scope of refund of the interest that has been collected on gross tax liability?
If yes, Government should guide the taxpayers on how to apply for the refund of the same.
Will the interest be refunded with interest? Then at what rate?
What happens with the taxpayers who have already canceled their registration and had paid interest on gross tax liability?
She can be contacted at info.financepost@gmail.com
- GST Annual Return Due Dates - 01/12/2022
- India’s Digital Rupee - 30/11/2022
- GST Audit - 08/10/2022
Disclaimer: The above content is for general info purpose only and does not constitute professional advice. The author/ website will not be liable for any inaccurate / incomplete information and any reliance you place on the content is strictly at your risk.
Follow us on Social Media by clicking below
Follow @financepost_in
Be the first to comment