GST relief: Interest only on net cash liability from July 1, 2017

The Central Board of Indirect Taxes and Custom (CBIC) has issued an order to recover interest on the basis of net cash liability with effect from July 1, 2017. Also, it has decided to keep those cases in ‘Call Book’ where show-cause notice has been issued on gross tax payable. Experts say such a move will give some relief to GST assessees as the new arrangement addresses ‘retrospectivity’ issue, t…