 "GST, tax invoice")
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 notification has baffled experts, who wonder why the decision of the Council has not been implemented. They argue that it will lead to litigation for large taxpayers and harassment for small and medium
