{"id":249134,"date":"2021-06-02T10:22:18","date_gmt":"2021-06-02T04:52:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=249134"},"modified":"2021-06-02T10:22:18","modified_gmt":"2021-06-02T04:52:18","slug":"section-112-of-finance-act-2021-which-amends-the-provision-relating-to-interest-for-delayed-gst-payments-comes-into-force","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/02\/section-112-of-finance-act-2021-which-amends-the-provision-relating-to-interest-for-delayed-gst-payments-comes-into-force\/","title":{"rendered":"Section 112 of Finance Act, 2021, which amends the provision relating to interest for delayed GST payments comes into force"},"content":{"rendered":"<p style=\"text-align: justify;\"><span dir=\"ltr\">The Central Government in exercise of th<\/span><span dir=\"ltr\">e powers conferred by <\/span><span dir=\"ltr\">section 1 (1) of the Finance <\/span><span dir=\"ltr\">Act, 2021 (13 of 2021) appoints <\/span><span dir=\"ltr\">the 1st day of June, 2021, as the date on which the provisions of section 112 of the <\/span><span dir=\"ltr\">said Act shall come into <\/span><span dir=\"ltr\">force.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"j2\" style=\"padding-left: 40px; text-align: justify;\"><span id=\"FS125\" class=\"link\"><a href=\"https:\/\/www.scconline.com\/Members\/BrowseResult.aspx#BS125\"><b>112. Amendment of Section 50<\/b><\/a><\/span>.\u2014In Section 50 of the Central Goods and Services Tax Act, in sub-section (<i>1<\/i>), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017, namely:\u2014<\/p>\n<p class=\"ind1\" style=\"padding-left: 40px; text-align: justify;\">\u201cProvided 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 payable on that portion of the tax which is paid by debiting the electronic cash ledger.\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Government in exercise of the powers conferred by section 1 (1) of the Finance Act, 2021 (13 of 2021) appoints <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-249134","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Section 112 of Finance Act, 2021, which amends the provision relating to interest for delayed GST payments comes into force | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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