Amendment to Interest Rates for Delayed GST Returns

Notification Purpose: The Government modifies the interest rates for delayed filing of GST returns under the UTGST Act, 2017.

Proviso Substitution: Replaces the initial proviso with a new one specifying interest rates based on taxpayer turnover and filing deadlines.

Interest Rate Table: Lists classes of taxpayers, applicable interest rates, and tax periods for filing. Divides taxpayers into two categories based on aggregate turnover.

Distinct Turnover Criteria: Distinguishes between taxpayers with turnovers exceeding 5 crores and those below. Provides varying interest rates for different states and Union territories.

Effective Period: Amendments take effect from the 1st of April, 2020.

Issuing Authority: Pramod Kumar, Director, Government of India, issues the notification.

Reference to Principal Notification: Refers to the original notification dated June 30, 2017, with the latest amendment on April 8, 2020.