The Central Board of Indirect Taxes and Customs (CBIC) on the recommendation of the 43rd GST Council chaired by the Union Finance Minister, Nirmala Sitharaman, notified that the revised Section 50 GST interest Provisions will be effective from 1 June 2021. Section 112 of the Finance Act providing for retrospective amendment in Section 50 of the CGST Act related to levy of interest has been notified with effect from June 1, 2021 vide Notification No. 16/2021 – Central Tax– Dated 1st June, 2021.
Source Taxscan
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