Seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020

Last updated: 25 June 2020

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This notification introduces a reduced interest rate for late GST payments for the tax periods from February 2020 to July 2020. The specific rates and extended deadlines vary depending on the taxpayer's aggregate turnover and principal place of business. This measure aims to provide financial relief to businesses during a challenging period.

Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 51/2020-Central Tax New Delhi, the 24th June, 2020 G.S.R. 404(E). - Inexercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 148 of the said Act, the Central Government, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of I

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FAQ :

This notification provides a reduced interest rate on late GST payments for tax periods between February 2020 and July 2020.

Eligibility and the specific reduced rates depend on your aggregate turnover in the preceding financial year and your principal place of business.

For taxpayers with turnover over 5 crores, the interest rate is nil for the first 15 days from the due date, and 9% thereafter until 24th June 2020, for tax periods February to April 2020.

For taxpayers with turnover up to 5 crores, the interest rates are nil for extended periods, with 9% applying thereafter until 30th September 2020. The exact nil periods vary by state and month (Feb-July 2020).

This notification covers the tax periods from February 2020 to July 2020.

Notification No : 51/2020-Central Tax
Source : https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-51-central-tax-english-2020.pdf

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