119 taxmann.com 228 (Article)
The chargeability of interest on delayed payment of tax has always been remained a point of contention between the taxpayers and revenue . We all know that even in the recent days revenue has came up with the notification no.63/2020 dated 25th August 2020, to give effect the decision taken by the GST council in its 39th meeting w.r.t. chargeability of interest upon the delaed payment of taxes will be on the net tax liability only but even in the said notification the date of its applicability was not in the line of the recommendations made by the GST council . Since the introduction of the notification a lot of hue and cry has been made among all the sectors of the economy regarding the prospective applicability of the notification. Later on the revenue has came up with the clarification that the it will not initiate recovery proceedings retrospectively .