Updated By: LatestGKGS Desk
CBIC: Late GST Payment interest charges
The Central Board of Indirect Taxes & Customs (CBIC) has issued a notice regarding Interest charges of Late GST Payment
Ministry of Finance Department : The Central Board of Taxes and Customs Indirects (CBIC) explained that, because of such technologically limited conditions of the future, Notification No. 63/2020-Central tax of 25 August 2020 on interest on deferred payment of GST was released. However, it has promised, as agreed at the 39th meeting of the GST Council, that no recovery will be effected for the last duration as well as by the Central and State Tax Authority. This guarantees that the GST Council has agreed on complete relief for taxpayers.
A number of social media messages about the Receipt of interest payments on the default payment by GST on net debt (tax obligation discharged in cash) dated 25 August 2020 were replied in response, e.g. 1 September 2020. The following: CBIC clarification.
