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 reduction in interest rates for late GST payments for tax periods between February 2020 and July 2020. The specific rates and extended deadlines depend on the taxpayer's aggregate turnover and principal place of business. This measure aims to provide financial relief to businesses during this period.

Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 05/2020 Integrated Tax New Delhi, the 24th June, 2020 G.S.R. 410(E). -In exercise of the powers conferred by section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), read with sub-section (1) of section 50 and section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the followi

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FAQ :

The notification aims to provide relief by lowering the interest rate on late GST payments for tax periods from February 2020 to July 2020.

Eligibility for reduced interest rates depends on the taxpayer's aggregate turnover in the preceding financial year and their 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.

Deadlines vary by state and month. For example, taxpayers in certain southern states with turnover up to 5 crores have nil interest until 30th June 2020 for February 2020, and 9% thereafter until 30th September 2020.

This notification specifically addresses interest rates for tax periods from February 2020 to July 2020. It does not specify rates for periods after July 2020.

Notification No : 05/2020 –Integrated Tax
Source : https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-5-2020-igst-english.pdf

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