Amendment to Interest Rates for Delayed GST Returns
Notification Overview:
The Central Government alters interest rates for delayed filing of GST returns under the Union Territory Goods and Services Tax Act, 2017.
Addition of Provisos:
Inserts new provisos in the first paragraph specifying interest rates based on taxpayer turnover and filing conditions.
Interest Rate Table:
Lists classes of registered persons, applicable interest rates, tax periods, and conditions for filing FORM GSTR-3B.
Distinct Turnover Criteria:
Differentiates between taxpayers based on aggregate turnover, with separate interest rates for different financial years.
Filing Conditions:
Provides specific dates by which returns must be filed to qualify for nil interest rates or reduced penalties.
Effective Date:
The amendment takes effect from the 20th day of March, 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, without any subsequent amendments mentioned.