Madras HC order quashing levy of interest on ITC component

What could be seen as a significant relief to GST assesses, Madras High Court has set aside orders for levying interest on input tax credit (ITC) as applied on delayed payment. This is in line with GST Council’s resolution of levying interest on net cash liability only with effect from July 1, 2017.  A GST assesses has two option to pay the tax, one by adjusting ITC available and second by wa…