CBIC issued Important clarification: Interest Payable on Late Payment of Tax and Wrongly Availed ITC

On the occasion of 6 years of GST, the CBIC clarifies that taxpayers are liable to pay interest only if they utilized the wrongly availed Input Tax Credit (“ITC”) for the payment of GST liability. They announce a retrospective relief measure for taxpayers in this regard.

Source a2ztaxcorp