Interest Liability for Delayed Payment of Tax/ Refunds, Excess Claim of ITC under IGST: Integrated Tax Notification 6/2017

CBEC Notifies Interest Liability (Applicable Rate) in the case of Delay in Payment of Tax, Excess Claim of Input Tax Credit or Issue of Refund under IGST: Integrated Tax Notification No. 6/2017 dt. 28 June 2017

The CBEC has notified Interest Rates which shall be applicable under Sections 50, 54 and 56 of the CGST Act, 2017, in the case of Delay in Payment of Tax and Excess Claim of Input Tax Credit by the taxpayer or for delay in Issue of Refund to the taxpayer under the IGST, as under:

IGST Interest Rate Delayed Tax Payment/ Refund/ Excess ITC: Integrated Tax Notification 6/2017 dt. 28 June 2017

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-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby fixes the rate of interest per annum, for the purposes of the sections as specified in column (2) of the Table below, as mentioned in the corresponding entry in column (3) of the said Table.

Sl. No.SectionRate of Interest (%)
(1)(2)(3)
1Section 20 of the Integrated Goods and Services Tax Act, 2017 read with sub-section (1) of section 50 of the Central Goods and Services Tax Act, 201718
2section 20 of the Integrated Goods and Services Tax Act, 2017 read with sub-section (3) of section 50 of the Central Goods and Services Tax Act, 201724
3section 20 of the Integrated Goods and Services Tax Act, 2017 read with sub-section (12) of section 54 of the Central Goods and Services Tax Act, 20176
4section 20 of the Integrated Goods and Services Tax Act, 2017 read with section 56 of the Central Goods and Services Tax Act, 20176
5section 20 of the Integrated Goods and Services Tax Act, 2017 read with proviso to section 56 of the Central Goods and Services Tax Act, 20179

2. This notification shall come into force from the 1st day of July, 2017.

Related Posts:

Latest Integrated Tax (IGST) Notifications (2017) issued by CBEC

Integrated Goods and Services Tax (IGST) Act, 2017

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