Interest on Net GST liability payment made in cash : Notification released
Interest on Net GST liability: Notification No. 63/2020–Central Tax dated 25th Aug, 2020 issued for giving effect the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019). As per this section, Interest on delayed payment of GST will be collected only on the payment made in cash with effect from 1st September 2020. The text of notification for same is –
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Indirect Taxes and Customs)
New Delhi, the 25th August, 2020
No. 63/2020–Central Tax
G.S.R. 527(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2020, as the date on which the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force.
[F. No. 20/06/09/2019-GST]
PRAMOD KUMAR, Director
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