Clause 115 - Amendment of notification issued under subsections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively.
Finance Bill, 2022 Central Goods and Service Tax
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Retrospective amendment of GST interest notification validating a specified interest rate from the notification effective date. The Bill retrospectively amends a Ministry of Finance notification under the Central Goods and Services Tax Act to fix the applicable interest rate and deems the notification amended from the dates in the Sixth Schedule. It also confers a deemed retrospective power on the Central Government to make such amendments as if retrospective amendment power had existed under the relevant Act provisions at all material times.
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Provisions expressly mentioned in the judgment/order text.
Retrospective amendment of GST interest notification validating a specified interest rate from the notification effective date.
The Bill retrospectively amends a Ministry of Finance notification under the Central Goods and Services Tax Act to fix the applicable interest rate and deems the notification amended from the dates in the Sixth Schedule. It also confers a deemed retrospective power on the Central Government to make such amendments as if retrospective amendment power had existed under the relevant Act provisions at all material times.
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