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of <h1>Finance Bill 2022 amends GST Act to set 18% interest rate retroactively from July 1, 2017, under Section 50(3).</h1> Clause 121 of the Finance Bill, 2022, amends the notification issued under section 21 of the Union Territory Goods and Services Tax Act, 2017, in conjunction with specific sections of the Central Goods and Services Tax Act, 2017. This amendment, effective retrospectively, modifies notification number G.S.R. 747(E) dated June 30, 2017, to establish an 18% interest rate under subsection (3) of section 50 of the Central Goods and Services Tax Act, effective from July 1, 2017. The amendment grants the Central Government the authority to make such changes retrospectively.
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