CBIC notifies retrospective amendment to Section 50(3) of the CGST Act
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- By Chetan Kulasri
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- Last Updated on 7 July, 2022
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Notification No. 9/2022 – Central Tax dated July 5th, 2022
The CBIC has notified the retrospective amendment to Section 50(3) which provides that interest is payable on the wrongly availed ITC when the same is utilized. This retrospective amendment was introduced in the Finance Act, 2022 but it was provided that it would come with effect from the date to be notified by the Government. Now, it is provided that it shall come into force from July 5th, 2022.
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