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GST interest on net from 1st July 2017

by in GST Consultancy

The most important issue resolved by GST council in its meeting on 14th March 2020. Interest to be levied on the net amount of tax payable. This change will be applied retrospectively. There was a lot of litigation over this issue. After the case of Refex industries, it was the biggest demand from the government. Interest provisions are covered by section 50 of the CGST Act.

Finally, the council also recommended levying interest on a net basis. Now an important question is about the taxpayers already paid interest on gross. Are they eligible to claim the refund of interest paid? let us wait for the notification from CBIC.

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