Amendment to section 50 requires to charge interest only on net tax liability i.e. on amount of the tax paid in cash. The said amendment has been notified to be effective from 1 June 2021 (Section 50, CGST Act: Interest on delayed payment)
Samaira Tolani is a Chartered Accountant with 4 years of experience in Compliance and Financial Reporting. She is a GST expert, currently working with IRIS as GST Consultant . Before this, she was part of compliance team of Blue Star, Piramal Pharma and Novartis. A diploma holder in IFRS with ACCA, she loves listening to music, travelling and reading fiction.
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