Due to periodical amendments, the provisions relating to levy of interest under GST has been the subject matter of varied interpretations. Recently, the Central Goods and Services Tax Rules, 2017 (‘CGST Rules’) have been amended vide the Amendment Rules, 2022 to introduce a new Rule 88B, retrospectively with effect from 1 July 2017. The said rule provides for the manner of calculating interest on delayed payment of tax. In this Article, the authors intend to analyze the nuances of the new Rule 88B and the implications arising therefrom.

Audio Source : An article published on the LKS website in August 2022
https://www.lakshmisri.com/insights/articles/new-rule-88b-providing-for-manner-of-calculating-interest-susceptible-to-challenge/#

Authors: Sahana Rajkumar, Principal Associate (LKS),  Balaji Sai Krishnan Principal Associate  (LKS)

Voice : Sahana Rajkumar, Principal Associate (LKS)