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III. AMENDMENTS IN THE UTGST ACT, 2017:
S.No. | Amendment | Clause of the Finance Bill, 2022 |
1. | Notification number 10/2017 – Union Territory Tax, dated the 30th June, 2017, is being amended retrospectively, with effect from the 1st day of July, 2017, so as to notify rate of interest under sub-section (3) of section 50 of the CGST Act as 18%. | [121] |
Full Text:
Interest rate under section 50(3) CGST Act set retrospectively to a prescribed statutory rate affecting tax interest liability. Notification No. 10/2017 (Union Territory Tax) is amended retrospectively from 1 July 2017 to prescribe the rate of interest under sub-section (3) of section 50 of the CGST Act as 18%, thereby fixing the statutory interest chargeable under that CGST provision for the retrospective period. of Press 'Enter' after typing page number.
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