Trade wants GST Council to change late payment rule

The Central Board of Indirect Taxes and Customs (CBIC) has asked its field formations to collect about Rs 46,000 crore as interest on delayed payment of  goods and services tax  (GST) on the basis of gross tax liability, i.e. the tax liability without adjusting the input tax credit (ITC) available in the electronic credit ledger. This move has caused a lot of heartburn in the  trade…