Interest on delayed GST payment will now be calculated on net tax liability1 min read 15 Feb 2020, 07:28 PM IST
There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed payment
The CBIC said GST laws, as of now, permit interest calculation on delayed GST payment on the basis of gross tax liability
Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday.
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