Retrospective levy on interest, is it valid? – Yet another conundrum!

Poonam Harjani & Kritika Poddar – [2022] 136 taxmann.com 4 (Article)

Interest and Penalty provisions are anti abuse provisions of taxation laws by which the Government intends to deter defaulting taxpayers from making defaults like delay in payment of tax liability, incorrect availment of ITC, etc. The interest provisions in GST are set down in section 50 of the Central Goods and Services Tax Act, 2017. The Central Government recently proposed to amend the provisions of section 50(3) of the CGST Act, 2017 via Finance Act, 2022 to retrospective levy interest on ITC wrongly availed and utilized.

In this article, the authors have examined whether the said amendment is valid and backed up by settled jurisprudence or does it open yet another domain of dispute between revenue and the tax payers?

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