The journey of Section 50 so far

the journey of section 50 so far
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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

(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 onwards N.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
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?

CA Ankita Khetan
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