The journey of Section 50 so far

the journey of section 50 so far
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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 liabilityInterest on net tax liability

Section 50 was notified w.e.f 01.07.2017

(Refer CGST notification no. 9 dated 28.06.2017)

1st July 2017 onwards

N.A.

In-principle approval for amendment in the 31st GST Council meeting

(Refer Press Release dated 22.12.2018)

1st July 2017 onwards

N.A.

Amendment proposed in Finance Bill (No. 2) 2019

(Refer Finance Bill (No. 2) 2019 dated 05.07.2019)

1st July 2017 onwardsN.A.

Amendment to Sec 50 proposed in Finance Bill (No. 2) 2019

(Refer CGST notification no. 63 dated 25.08.2020)

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

(Refer Finance Bill (No. 1) 2021 dated 01.02.2021)

1st July 2017

to

31st Aug 2020

1st Sep 2020 onwards
If it will be notified without making any changes in the proposed in Finance Bill (No. 1) 2021.

N.A.

1st July 2017 onwards

If Press Releases issued by Government were enough, then an amendment to Section 50 would have not been made in the Finance Bill (No. 1) 2021.

Note: Any changes announced by the Government in respect of GST law or GST Rules in the press briefings, press releases or Finance Bill will not have any material validity in the court of law unless the same is notified by the Ministry of Finance. 

 

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?



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