https://www.taxtmi.com/article/detailed?id=9721 Section 50 formerly exposed taxpayers to interest on late payment calculated on gross tax liability, including amounts covered by input tax credit. Legislative amendments substitute a proviso clarifying that interest is payable only on the portion of tax discharged by debiting the electronic cash ledger, while returns filed after initiation of proceedings under sections 73 or 74 remain excepted. The substitution is intended to operate retrospectively, thereby limiting interest liability to net cash tax payable and addressing prior departmental demands for interest on ITC-covered tax. en-us Wed, 24 Mar 2021 09:04:23 +0530 Thu, 25 Mar 2021 15:51:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9721 Section 50 formerly exposed taxpayers to interest on late payment calculated on gross tax liability, including amounts covered by input tax credit. Legislative amendments substitute a proviso clarifying that interest is payable only on the portion of tax discharged by debiting the electronic cash ledger, while returns filed after initiation of proceedings under sections 73 or 74 remain excepted. The substitution is intended to operate retrospectively, thereby limiting interest liability to net cash tax payable and addressing prior departmental demands for interest on ITC-covered tax. Articles Goods and Services Tax - GST Wed, 24 Mar 2021 09:04:23 +0530 https://www.taxtmi.com/article/detailed?id=9721