FinMin issues administrative instructions w.r.t recovery of interest on net-cash tax liability from July 01, 2017

FinMin issues administrative instructions for recovery of interest on net cash liability w.e.f. July 1, 2017; Explains that same has been issued to address apprehensions of taxpayers that Notification No. 63/2020-Central Tax dated August 25, 2020 is contrary to Council’s recommendation made during its 39th meeting & to implement the decision in true spirit and at the same time working within the present legal framework; Accordingly, decides that (i) for period July...