In the 43rd GST Council Meeting, the GST Council has recommended for the retrospective amendment to Section 50 so as to the levy of interest on Net tax liability. On 1st June 2021, the CBIC has issued the Notification No. 16/2021 – Central Tax which paves the way for the implementation of Section 112 of Finance Act 2021 shall comes into force which says for the retrospective amendment of the Section 50 with respect to the Interest on the Net tax liability.
To view and download the Notification, click here https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-16-central-tax-english-2021.pdf
