Govt notifies interest on delayed GST on net basis from September 1

The government has notified that interest on delayed goods and services tax (GST) will be payable on net basis, by accounting for input tax credits and refunds, from September 1 onwards. This, however, goes against the decision by the  GST  Council in the March meeting, where it had decided to levy interest on net basis and not gross with a retrospective effect from July 1, 2017. The not…