Clause 118 - Amendment of notification issued under section 20 of Integrated Goods and Services Tax Act, 2017 read with 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 Amends GST Act; Sets 18% Interest Rate Retroactively from July 1, 2017, Under Section 50(3)

Clause 118 of the Finance Bill, 2022, amends the notification issued under section 20 of the Integrated Goods and Services Tax Act, 2017, and relevant sections of the Central Goods and Services Tax Act. This amendment affects notification number G.S.R. 698(E), dated June 28, 2017, and is applied retrospectively. It specifies that the rate of interest under subsection (3) of section 50 of the Central Goods and Services Tax Act is set at 18%, effective from July 1, 2017. The amendment confirms the Central Government's authority to make such changes with retrospective effect.