TaxTMI 
TaxTMI 
Section 50 of CGST act
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....ection 50 of CGST act<br> Query (Issue) Started By: - Kavali Ramanjeneyulu Dated:- 26-8-2020 Last Reply Date:- 27-8-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>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 notif....
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....ication. PL clarify. Reply By KASTURI SETHI: The Reply: In my view, a separate notification for retrospective amendment may be issued. Timing may be after the next meeting of GST Council to be held on 27.8.2020. Reply By YAGAY andSUN: The Reply: Generally Act is amended by Parliament. The procedure is laid out in Article 368. An amendment bill must be passed by each House of the Parliament by ....
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....a majority of the total membership of that House when at least two-thirds members are present and voted. However if Parliament session is not in force then certain amendments can be conducted through issuance of Notification. Reply By GB Rao: The Reply: Dear sirs, CBIC has issued press release on 26.08.2020 clarifying that Notification 63/2020-CT Dt. 25.08.2020 relating to interest on delayed p....
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....ayment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries shall be made for the past period in accordance with the decision taken in the 39th Meeting of GST council. This will ensure full relief to the taxpayers as decided by the GST Council. Reply By KASTURI SETHI: The Reply: With the Press Release dated 26.8.2020, it appears th....
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....at now Govt. has made up its mind to give benefit to tax payers retrospectively.<br> Discussion Forum - Knowledge Sharing ....