Reduced Interest Rates for Integrated Tax: March to May 2021 · 02/2021 – Integrated Tax
CBIC / GST notification 02/2021 – Integrated Tax · 01 Jun 2021
Official title
02/2021-Integrated Tax : Seeks to provide relief by lowering of interest rate for a specified time for tax periods March, 2021 to May, 2021.
Official record
Open source pageSummary
Check the official recordWhat changed
The government reduces interest rates for delayed Integrated Tax payments for the tax periods of March, April, and May 2021. This relief applies to taxpayers based on their aggregate turnover in the preceding financial year and their specific return filing requirements. The notification provides tiered interest rates, including periods of nil interest for specific categories of taxpayers. These changes apply retrospectively from 18 May 2021. Taxpayers must calculate interest based on the revised rates for the specified months or the quarter ending March 2021.
What you must do
- Pay Integrated Tax for the specified periods at the revised interest rates.
Key dates
- Effective from
- 18 May 2021
- Effective date of the notification
- 18 May 2021
Document text
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs
Notification No. 02/2021 – Integrated Tax
New Delhi, the 1ˢᵗ June, 2021
G.S.R.....(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 following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 6/2017 – Integrated Tax, dated the 28ᵗʰ June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 698(E), dated the 28ᵗʰ June, 2017, namely: —
In the said notification, in the first paragraph, in the first proviso,-
- (i) for the words, letters and figure “required to furnish the returns in FORM GSTR-3B, but fail to furnish the said return along with payment of tax”, the words “liable to pay tax but fail to do so” shall be substituted;
- (ii) in the Table, in column 4, in the heading, for the words “Tax period”, the words “Month/Quarter” shall be substituted;
- (iii) in the Table, for serial number 4, 5, 6 and 7, the following shall be substituted, namely: —
| (1) | (2) | (3) | (4) |
|---|---|---|---|
| “4. | Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year | 9 per cent for the first 15 days from the due date and 18 per cent thereafter | March, 2021, April, 2021 and May, 2021 |
| 5. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter | March, 2021 |
| Nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter | April, 2021 | ||
| Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | May, 2021 | ||
| 6. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter | March, 2021 |
| Nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter | April, 2021 | ||
| Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | May, 2021 | ||
| 7. | Taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter | Quarter ending March, 2021”. |
- This notification shall be deemed to have come into force with effect from the 18ᵗʰ day of May, 2021.
[F. No. CBIC-20001/5/2021]
(Rajeev Ranjan)
Under Secretary to the Government of India
Note: The principal notification number 06/2017 – Integrated Tax, dated the 28ᵗʰ June, 2017, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 698(E), dated the 28ᵗʰ June, 2017 and was last amended vide notification number 01/2021 – Integrated Tax, dated the 1ˢᵗ May, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 311(E), dated the 1ˢᵗ May, 2021.
Source details
- Source
- Central Board of Indirect Taxes and Customs / GST
- Type
- notification
- Published by source
- 01 Jun 2021
- Document number
- 02/2021 – Integrated Tax
- Issuing division
- Central Board of Indirect Taxes and Customs
- Effective date
- 18 May 2021
- Coverage area
- indirect-tax