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Press release to clarify the Interest on Net tax liability under GST

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CBIC has released the Press release amidst of the discussions going on regarding the applicability of the Notification No. 63/2020 – Central Tax. It has been clarified in the Press release that the Interest on Net tax liability under GST shall be applicable with effect from 01-09-2020 however, in order to give the relaxation to the taxpayers. There shall be no recoveries to be made for the past period in accordance with the decisions taken in the 39th GST council meeting.

 

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