Interest on Late Payment of GST: Case Law and Opinion

ByCA Akash Arora

Interest on delayed GST Payment The legal position Recently, the GST Council has held its 39th meeting in which it has approved that the interest on GST late payment shall be payable on liability paid belatedly in cash component only, and this shall be made applicable w.e.f. Jul’2017 i.e. retrospective effect.  However, it shall be…

GST Interest on late payment & reversal of input credit

ByCA Akash Arora

GST Interest calculation, interest on reversal & refunds How to calculate interest on the late payment of GST? Interest applies to the late payment of GST. Section 50 of the Central Goods and Service Act 2017 states the following provisions. (1) Every person who is liable to pay tax in accordance with the provisions of…