The Central Board of Indirect Taxes & Customs (“CBIC”) vide Notification No. 31/2020 – Central Tax dated April 3, 2020 has sought to provide relief by conditional lowering of interest for the tax periods of February 2020 to April 2020 w.e.f March 20, 2020.
The Notification makes amendment in Notification 13/2017 – Central Tax dated June 28, 2017 by way of insertion of a proviso in the first paragraph providing for reduction in rate of interest for the class of registered persons who are required to furnish FORM GSTR 3B as follows –
Serial No.
| Class of Registered Persons | Rate of Interest | Tax Period |
Condition
|
1.
| Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year.
(Rs. 5 Cr and > above)
| Nil for first 15 days from the due date, and 9% thereafter | February 2020
March 2020
April 2020
|
If the Return in FORM GSTR 3B is furnished on or before the 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.
(Rs. 1.5 Cr and up to Rs. 5 Cr)
| Nil | February 2020
March 2020
| If the Return in FORM GSTR 3B is furnished on or before June 29, 2020 |
| April 2020 | If the 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.
(Up to Rs. 1.5 Cr)
| Nil | February 2020 |
If the Return in FORM GSTR 3B is furnished on or before June 30, 2020
|
| March 2020 | If the Return in FORM GSTR 3B is furnished on or before July 3, 2020 | |||
| April 2020 |
If the Return in FORM GSTR 3B is furnished on or before July 6, 2020
|
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