As per the recent CBIC tweet, which clarifies that the Notification No. 63/2020 – Central Tax dated August 25, 2020, issued in respect of “Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020” is due to certain technical limitations.
Further, it has been assured that no recoveries shall be made for the past period by the Central and State tax administration in accordance with the decision taken in the 39th GST Council Meeting. This will ensure full relief to the taxpayers as decided by the GST Council.
The Press Release issued by PIB in this regard can be accessed at: http://www.a2ztaxcorp.com/wp-content/uploads/2020/08/PIB1648751.pdf