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.