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of <h1>Finance Act, 2021 amends Section 50 CGST Act: Interest on late tax return payable only on electronic cash ledger payments.</h1> Section 50 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2021. The amendment modifies the proviso in sub-section (1) to clarify that interest on tax payable for supplies made during a tax period, declared in a late return as per section 39, is payable only on the tax portion paid by debiting the electronic cash ledger. This amendment is effective retroactively from July 1, 2017, except when the return is filed after proceedings under sections 73 or 74 have commenced for that period.
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