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        Bills

        AMENDMENTS IN THE UTGST ACT, 2017

        2 February, 2022

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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:

        Budget 2022-23 + FINANCE Bill, 2022

        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.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order 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.


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