Interest on net GST liability with retrospective effect to get legal backing

Finance Bill proposes amendment in law The Finance Ministry has cleared the air on interest on net tax liability with retrospective effect by proposing amendment in the GST law. The Finance Bill 2021 proposes to amend Section 50 of the Central Goods and Services Tax (CGST) Act to substitute the proviso to sub-section (1) so as to charge interest on net cash liability retrospectively with effect fr…