GST INDIA Biz — Extension and rationalisation of concessional interest rates on delayed payment of IGST for COVID-19 affected tax periods.

Notification No. 02/2021

Date: June 1, 2021

Subject: Extension and rationalisation of concessional interest rates on delayed payment of IGST for COVID-19 affected tax periods.

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Description:

This notification further amends Notification No. 06/2017–Integrated Tax to extend the concessional and nil interest relief to the tax period of May 2021, in addition to March and April 2021. It also substitutes certain phrases to clarify applicability of interest to persons liable to pay tax but failing to do so. Revised slabs of interest based on turnover and month/quarter are prescribed. The notification is deemed to have come into force from 18 May 2021.

Issued for earlier notification?
Yes — amends Notification No. 06/2017–Integrated Tax dated 28.06.2017.

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