Interest Will Not Be Charged On Amount Available In Electronic Cash Ledger Till Due Date: 53rd GST Council Meeting

The 53rd GST Council meeting, held on June 22, 2024, in New Delhi, chaired by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, focused on amending Rule 88B of the CGST Rules, 2017. The amendment aims to address interest calculations under Section 50 of the CGST Act for delayed filing of returns, particularly in cases where credit is available in the Electronic Cash Ledger (ECL) on the due date of filing the return. \r

The proposed amendment specifies that amounts available in the ECL on the due date of filing the return in FORM GSTR-3B, and debited while filing the return, should not be included in the interest calculation under section 50 of the CGST Act for delayed filing of the return.