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TMI Blog2022 (1) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT - TMI - Interpretation of Statute - Section 50 of The Central Goods and Services Tax Act, 2017 - Levy of interest - to be levied on gross returned income or on net cash amount? - HELD THAT:- In view of the amendment carried out, the proviso to Section 50 was substituted by Finance Act, 2021 with retrospective effect from 01.07.2017, the grievance of the petitioners has been redressed. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. In this batch of writ petitions, the basic grievance of the petitioners relates to levy of interest on the gross returned income and not on the net cash amount. 4. Basic 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after 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 substitutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amendments carried out by the Finance Act, 2021, all the writ petitions are allowed with the further direction that respondents shall issue notice and hear the petitioners before quantifying the interest to be paid by the petitioners as per the amended provision of Section 50 of the CGST Act. No order as to costs. 9. Pending miscellaneous applications, if any, shall stand closed. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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