CBIC provides relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020

Apr 06, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Indirect Taxes and Customs (CBIC) on April 01, 2020, provides relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

For relief, CBIC inserts provisos in the first paragraph of the Notification No.13/2017 – Central Tax, dated June 28, 2017, which prescribes the rate of interest under Central Goods and Services Tax Act, 2017, namely:

Provided that, the rate of interest per annum will be as specified in the Table given below, for the class of registered persons, who are required to furnish the returns in FORM GSTR-3B, but fail to furnish the said return along with payment of tax for the months mentioned below by the due date, but furnish the said return according to the condition mentioned in the corresponding entry in column (5) of the said Table, namely:

S. No.

(1)

Class of registered persons

(2)

Rate of interest

(3)

Tax period

(4)

Condition

(5)

1

Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year

Nil for first 15 days from the due date, and 9 per cent thereafter

February, 2020, March 2020, April, 2020

If return in FORM GSTR-3B is furnished on or before June 24, 2020.

2

Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year

Nil

February, 2020, March, 2020

If return in FORM GSTR-3B is furnished on or before June 29, 2020.

April, 2020

If return in FORM GSTR-3B is furnished on or before June 30, 2020.

3

Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year

Nil

February, 2020

If return in FORM GSTR-3B is furnished on or before June 30, 2020.

March, 2020

If return in FORM GSTR-3B is furnished on or before July 03, 2020.

April, 2020

If return in FORM GSTR-3B is furnished on or before July 06, 2020.

This notification shall be deemed to have come into force with effect from March 20, 2020.

 

[Notification No. 31/2020 – Central Tax]


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