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TMI Blog2021 (2) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 by the central government a press release was issued by Ministry of Finance, Govt of India on 26-08-2020 wherein it was clarified that amendment in section 50(1) has been made effective prospectively wef 01-09-2020 due to certain technical limitations, however for present no recoveries for interest charged on gross liability will be recovered for the past period as well by the central and state tax administration - Further, it is stated that no recovery will be made for interest charged on delayed payment of tax which has been made by the taxpayer debiting the credit ledge. Interest on delayed payment of GST:CBIC Posted on 26th August 2020 5:34 PM by PIB Delhi Central Board of Indirect Taxes Customs (CBIC) today clarified that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 73(9) read with section 50 of the act 2017 along with other statutes with respect to the tax period of July 2017 to March 2018 and April 2018 to August 2018 and the consequential demand notice with respect to the said orders being contrary to the provisions of law as well as the notifications issued under the provisions of the act 2017; d) For holding and declaration that the order of attachment of bank account of the petitioner issued by the respondent assessing authority on 08.02.2020 is thoroughly illegal, arbitrary and violative of the principles of natural justice as the petitioner was never issued any prior notice about such coercive and extreme action being taken for the purpose of recovery of such assessed demand; e) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as under:- Interest on delayed payment of GST:CBIC Posted on 26th August 2020 5:34 PM by PIB Delhi Central Board of Indirect Taxes Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th 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. CBIC explanation came in response to an assortment of comments in the social media with respect to notificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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