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 ... Summary
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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