Interest Rates applicable under CGST/ IGST/ UTGST Act, 2017, notified by CBEC

Interest Rates applicable under CGST/ IGST/ UTGST Act, 2017, notified by CBEC

The CBEC has notified Interest Rates which shall be applicable under the CGST/ IGST/ UTGST 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, etc.

Interest Rates applicable under the CGST Act, 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 CGST, as under:

CGST Interest Rate Delayed Tax Payment/ Refund/ Excess ITC: Central Tax Notification 13/2017 dt. 28 June

G.S.R. …..(E).—In exercise of the powers conferred by 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. Section Rate of Interest (%)
(1) (2) (3)
1 Sub-section (1) of section 50 18
2 Sub-section (3) of section 50 24
3 Sub-section (12) of section 54 6
4 Section 56 6
5 Proviso to section 56 9

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

Interest Rates applicable under the ITGST Act, 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. Section Rate of Interest (%)
(1) (2) (3)
1 Section 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, 2017 18
2 section 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, 2017 24
3 section 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, 2017 6
4 section 20 of the Integrated Goods and Services Tax Act, 2017 read with section 56 of the Central Goods and Services Tax Act, 2017 6
5 section 20 of the Integrated Goods and Services Tax Act, 2017 read with proviso to section 56 of the Central Goods and Services Tax Act, 2017 9

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

Interest Rates applicable under the UTGST Act, 2017

The CBEC has notified the Interest Rates applicable under Section 21 of the UTGST Act, 2017 read with Sections 50(1), 50(3), 54(12) and 56 of the Central Goods and Services Tax Act, 2017, as under:

Interest Rates applicable under UTGST Act, 2017: CBEC Notification 10/2017 UT Tax 30 June 2017

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