Government Amends Interest Rates for Late GST Returns

Legal Authority: Amendment made under section 20 of the Integrated Goods and Services Tax Act, 2017, in line with section 148 of the Central Goods and Services Tax Act, 2017.

Interest Rate Revision: New interest rates specified for delayed filing of GSTR-3B based on taxpayer turnover.

Tiered Structure: Rates vary based on turnover: nil for initial days, followed by 9% per annum.

Timely Compliance Incentive: Taxpayers meeting specified deadlines eligible for lower interest rates.

Effective Date: Amendment deemed effective from March 20, 2020.

Issuing Authority: Notification issued by the Central Government under the leadership of Pramod Kumar, Director.

Compliance Note: Reminder to adhere to the updated regulations for timely GST return filing to avoid higher interest charges.