Section 50 of CGST act

[Kavali Ramanjeneyulu]

Notfn no 63/2020 notified the 1st September 2020 on which the proviso relating to charging of interest on net cash liability in case of delayed payment. Is it required to amend sec 50 again or can it be done by way of notification. PL clarify.

AI Summary

Debate on Amending Section 50 of CGST Act: Notification 63/2020 and Interest on Delayed GST Payments Explained A discussion on a forum addressed the issue of whether Section 50 of the CGST Act requires amendment or can be altered via notification, following Notification 63/2020 regarding interest on net cash liability for delayed GST payments. One participant suggested a separate notification for retrospective amendment post-GST Council meeting. Another explained the parliamentary amendment process but noted that notifications can be used when Parliament is not in session. A press release clarified that Notification 63/2020 is prospective due to technical constraints, assuring no past recoveries, aligning with the GST Council's decision for taxpayer relief.