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of <h1>Finance Bill 2022 amends CGST Act; sets 18% interest rate under Section 50(3), effective July 1, 2017, retrospectively.</h1> Clause 115 of the Finance Bill, 2022, amends a notification issued under the Central Goods and Services Tax Act, 2017, specifically subsections (1) and (3) of section 50, subsection (12) of section 54, and section 56. The amendment, which applies retrospectively, affects notification number G.S.R. 661(E) dated June 28, 2017. It establishes the rate of interest under subsection (3) of section 50 as 18%, effective from July 1, 2017. The Central Government is deemed to have the authority to make these amendments retrospectively.
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