Administrative instructions for recovery of interest on net cash tax liability w.e.f. 01.07.2017
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Based on the recommendations of the 35th meeting of the GST Council held on 21st June, 2019, the provision of section 50 was amended vide section 100 of the Finance (No. 2) Act, 2019 to provide for charging interest on the net cash tax liability. The said amendment was to be made effective from a date to be notified by the Government. Accordingly, the said provision was made effective vide notification No. 63/2020 — Central Tax dated the 25th August. 2020, w.e.f. 01.09.2020.
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