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 delayed Union Territory Goods and Services Tax (UTGST) payments. Specifically, it amends the interest applicable for tax periods from February 2020 to July 2020. The new rates vary based on the taxpayer's turnover and principal place of business, offering a period of nil interest followed by a reduced rate of 9%.

Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 02/2020Union Territory Tax New Delhi, the 24th June, 2020 G.S.R. 408(E). -In exercise of the powers conferred by section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 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 th

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FAQ :

This notification provides relief by lowering the interest rate on late payments for Union Territory GST returns for the tax periods between February 2020 and July 2020.

The lower interest rates apply to registered persons who failed to furnish their GSTR-3B returns and pay tax by the due date for the specified periods. The specific rates depend on the taxpayer's aggregate turnover and principal place of business.

For taxpayers with an aggregate turnover of more than 5 crores in the preceding financial year, the interest rate is nil for the first 15 days from the due date, and 9% thereafter until 24th June 2020, for the tax periods of February, March, and April 2020.

Taxpayers with an aggregate turnover of up to 5 crores have different nil interest periods and subsequent 9% interest rates depending on their principal place of business (specific states and union territories are listed) and the tax period (February to July 2020).

These reduced interest rates are applicable for tax periods from February 2020 to July 2020, with specific end dates for the nil interest period and the 9% interest period varying by taxpayer category and location.

Notification No : 02/2020–Union Territory Tax
Source : https://www.cbic.gov.in/resources//htdocs-cbec/gst/Notification-02-2020-Union-Territory-Tax-English.pdf

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