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.

Retrospective amendment power authorises revision of notified interest rate under section 50, effective from the notification's commencement.

Clause 118 amends notification G.S.R. 698(E) to substitute the notified interest rate under sub-section (3) of section 50 of the Central Goods and Services Tax Act and declares that substitution to operate retrospectively from the specified effective date; it also deems that the Central Government had and has the power to effect such retrospective amendment of the notification.