Interest on Delayed GST Payment Will Now be Calculated on Net Tax Liability

New Delhi : Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday. Amid worry in the industry regarding CBIC's recent directive to field formations to begin recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment, the…