A case for interest to be ‘compensatory’ under India’s GST law

In the six years following the introduction of the goods and services tax (GST) regime in India, the GST Council has been proactive in initiating and aligning the GST laws to international best practices and engendering trade and industry. The question of interest liability is a saga, that witnessed protracted policy efforts and sustained judicial interest. India’s GST law levies interest at 18% p…