It has been decided in 28th GST council meeting that the Interest would not paid for input credit taken against non payment to buyer within 180 days. but I did not find any notification , circular or order regarding it. My query is whether we should not paid the interest on the basis GST council meeting or wait for further notification . Kindly guide me. Thanks & Regards Prem Chandra Thakur
29 November 2019
The 31st GST Council meeting recommended changing this Law to provide that only the net liability of a taxpayer would hereafter be subjected to interest. This amendment to the Central Goods and Services Tax Act, was presented under the Finance Bill, 2019. Under this new amendment governing section 50 of the Act, interest will now be charged on only that portion of the GST liability which is paid by debiting the electronic cash ledger. In other words, the portion paid using cash, bringing much desired relief to tax payers. ..
21 October 2020
Sir, My question regarding the interest against Non payment to buyer within 180 days. whether we should have paid the interest or not. Kindly guide us Thanks & Regards Prem Chandra Thakur
CAclubindia
