Interest applies only on 'cash-component' of delayed tax remittance, Section 50 amendment 'retrospective'

Feb 15,2020

Madras HC allows writ, holds that interest u/s 50 of CGST Act could be demanded only on 'cash' component of tax remitted belatedly and not on 'ITC' component; Opines that, since ITC is available all the while with the Department to the credit of the assessee, same is neither “belated nor delayed”; Cogitates that, “use of the word 'delayed' connotes a situation of deprival” whereas availability of ITC runs counter to this, as it connotes the enrichment of the State, to...

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