CBIC clarifies no recoveries of interest shall be made on gross tax liability for the period prior to 1st September, 2020

This is a quick update to let you know, that Central Board of Indirect Taxes and Customs (CBIC) has issued Press Release to clarify that Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively. Further, it has been assured that no recoveries of interest shall be made for the period prior to 1st day of September, 2020 by the Central and State tax administration.

 

Source: Central Board of Indirect Taxes and Customs (CBIC)

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