Notification issued No. 63/2020-Central Tax dated 25/08/2020 by CBIC, New Delhi.
Dear all,
Your association SIMA is forwarding herewith a Notification No. 63/2020- Central Tax dated 25/08/2020 issued by Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, New Delhi.
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2020, as the date on which the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force.
Finance Act (No. 2) Act, 2019 dated 01/08/2019 in its section 100 contained:-
In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:––
“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.
For more details, please go through the attached Notification.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
