In its 39th meeting, on March 14, the Goods and Services Tax (GST) Council took some practical and useful decisions. And, some controversial ones.
The most notable was to charge interest for delay in payment of GST on net cash tax liability, with effect from July 1, 2017. For this purpose, the law is proposed to be amended retrospectively. This decision will bring considerable relief to many who had notices from the government to pay tax on the gross tax liability.
The government should now examine whether it should issue suitable circulars or invoke the powers under Section 172 of the Central
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