RATE OF INTEREST ON DELAYED PAYMENT OF TAXES
Rate of interest applicable in case of delayed payment of taxes for the various tax periods has been notified.
Rate of interest applicable for delayed payment of tax in respect of various tax periods and categories of tax payers shall be as under:
| Category of Taxpayers | Rate of Interest | Tax period |
| Tax Payers having aggregate turnover above Rs 5 Crores during the previous financial year | Nil if filed within 15 days of the due date and 9 per cent after that if filed before 24.06.2020 | February 2020 ~April 2020 |
| Category of Taxpayers | Tax period | Interest Rate Applicable | |
| Nil Interest upto | 9% interest upto | ||
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep |
Feb 2020 | 30.06.2020 |
30.09.2020
|
| March 2020 | 03.07.2020 | ||
| April 2020 | 06.07.2020 | ||
| May 2020 | 12.09.2020 | ||
| June 2020 | 23.09.2020 | ||
| July 2020 | 27.09.2020 | ||
| Category of Taxpayers | Tax period | Interest Rate Applicable | |
| Nil Interest upto | 9% interest upto | ||
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi |
February 2020 | 30.06.2020 |
30.09.2020
|
| March 2020 | 05.07.2020 | ||
| April 2020 | 09.07.2020 | ||
| May 2020 | 15.09.2020 | ||
| June 2020 | 25.09.2020 | ||
| July 2020 | 29.09.2020 | ||
Notification No. 51/2020 -Central Tax Dated 24th June, 2020 |
(Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided. Neither Author nor Yes GST (collectively referred as we) assume no responsibility thereof. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We shall not be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information in any circumstances.)
Mr. Setia is a CA by Profession and expert in the field of Indirect Taxation Based in Delhi. Rich experience of over 5 year.