CBIC notifies Net Tax Liability to be Considered for Interest on Late GST Payments with effect from Sep 1, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) notified the interest on late GST payments would be applicable only on net cash tax liability after the deduction of the available input tax credits w.e.f. from 1st September 2020. “In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. […]

from Taxscan | Simplifying Tax Laws https://ift.tt/2CYJZbh