Sitharaman's first Budget gives breather for delay in payments towards GST
July, 15th 2019
Those paying goods and services tax (GST) after the due date have been given relief in the Budget. The Finance Bill, which is yet to be passed by Parliament, has proposed that interest would be charged on the delayed payment on net basis. Gross tax liability includes input tax credit (ITC) available to tax payers, while the next tax liability excludes that portion.
For this purpose, it has proposed amendments in the Central GST Act. Interest is levied at 18 per cent on the delayed payment. In fact, the GST Council in its 31st meeting on December 21 last year had decided that the ...