9911796707
TMI Blog2022 (1) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 was substituted by Finance Act, 2021 with retrospective effect from 01.07.2017, the grievance of the petitioners has been redressed. However, the details of interest to be paid by the petitioners are required to be worked out by the concerned authorities as per the amended provision. In that view of the matter and having regard to the amendments carried out by the Finance Act, 2021, all the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c controversy centres around interpretation of Section 50 of The Central Goods and Services Tax Act, 2017 (briefly the CGST Act hereinafter). 5. It may be mentioned that Section 50 of the CGST Act deals with interest on delayed payment of tax. Sub-section (1) thereof as it initially stood, reads as under : Every person who is liable to pay tax in accordance with the provisions of this Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger. After the substitution, the proviso now reads as under : PROVIDED that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
