Notification relating to interest on delayed GST payment issued prospectively: CBIC

Notification relating to interest on delayed GST payment issued prospectively: CBIC The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday clarified that its earlier notification relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. A press release from the CBIC read, "The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25 August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations." "However, it has assured that no recoveries shall be made for the past period as well by the Central and State tax administration in accordance with the decision taken in the 39th meeting of GST Council. This will ensure full relief to the taxpayers as decided by the GST Council," the press release said.
"CBIC explanation came in response to an assortment of comments in the social media with respect to Notification dated 25 August 2020 regarding charging of interest on delayed payment of GST on net liability (the tax liability discharged in cash) w.e.f. 1 September 2020," it added. Source::: The Times of India, dated 26/08/2020