The CBIC vide Notification No. 08/2021- Central Tax dated May 01, 2021 amended Notification No. 13/2017- Central Tax dated June 28, 2017 to provides relief by lowering of the interest rate for a prescribed time for tax periods from periods March, 2021 to April, 2021 for the class of registered person as under:
Inserted following in the table after serial no. 3:
|
S. No. (1) |
Class of registered persons
(2) |
Rate of interest
(3) |
Tax period (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 |
|
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 15 days, and 18 per cent thereafter | March, 2021, April, 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 15 days, and 18 per cent thereafter |
March, 2021, April, 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 15 days, and 18 per cent thereafter |
Quarter ending March, 2021. |
The notification shall be deemed to have come into force with effect from April 18, 2021
The CGST Notification can be accessed: http://www.a2ztaxcorp.com/wp-content/uploads/2021/05/No.-08-2021-Central-Tax.pdf
Similar Notifications have been passed under IGST Act and UTGST Act which can be accessed at:
IGST: http://www.a2ztaxcorp.com/wp-content/uploads/2021/05/No.-01-2021-–-Integrated-Tax.pdf
UTGST: http://www.a2ztaxcorp.com/wp-content/uploads/2021/05/No.-01-2021-–-Union-Territory-Tax.pdf