 "Trade")
The Central Board of Indirect Taxes and Customs (CBIC) has asked its field formations to collect about Rs 46,000 crore as interest on delayed payment of goods and services tax (GST) on the basis of gross tax liability, i.e. the tax liability without adjusting the input tax credit (ITC) available in the electronic credit ledger. This move has caused a lot of heartburn in the trade.
The government contends that if a tax payer is required to pay tax of Rs 1 crore but has available ITC of Rs 99 lakh and delays payment of the due tax of Rs
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