Interest on delayed GST can be paid on net basis from Sept 1: Centre

Though notification comes with effect from September, Centre assures that the same will apply from retrospective effect after all-round criticism

The Centre has notified that interest payments due on delayed goods and services tax (GST) can be serviced on a net basis from September 1.  Net basis means that input tax credits and refunds will not be accounted for levying interest and only the tax liability discharged in cash will be taken for consideration. 

After criticism came from many quarters that the decision should have been made with retrospective effect from July 1, 2017 in line with the GST Council decision, the Central Board of Indirect Taxes and Customs (CBIC) attributed the prospective nature of the notification to "certain technical