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Interest On Delayed GST Payment To Be On Net Tax Liability From Sep 1 As Finance Ministry Notifies Section 100 Of Finance Act, 2019

The Ministry of Finance notified that Section 100 of Finance Act, 2019 will come into force from September 1, 2020.Section 100 of the Finance Act, 2019 inserted a proviso to Section 50 of the GST Act to clarify that the interest will be levied on a net basis. “Provided that 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 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 levied on that portion of the tax that is paid by debiting electronic cash ledger.”

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.