Notification No. 31/2020- Central Tax, dated 03.04.2020- A lower rate of interest of NIL for first 15 days after the due date of filing return in FORM GSTR-3B and @ 9% thereafter is notified for those registered persons having aggregate turnover above Rs. 5 Crore and NIL rate of interest is notified for those registered persons having aggregate turnover below Rs. 5 Crore in the preceding financial year, for the tax periods of February, 2020 to April, 2020. This lower rate of interest shall be subject to condition that due tax is paid by filing return in FORM GSTR-3B by the date(s) as specified in the Notification.

Seeks to provide relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

Relaxations in filing of GSTR-3B

  • Relaxations in filing of GSTR-3B for the tax periods of February 2020 to April 2020
  •  A lower rate of interest of NIL for first 15 days after the due date of filing return in FORM GSTR-3B and @ 9% thereafter is notified for those registered persons having aggregate turnover above Rs. 5 Crore and NIL rate of interest is notified for those registered persons having aggregate turnover below Rs. 5 Crore in the preceding financial year, for the tax periods of February 2020 to April 2020. This lower rate of interest shall be subject to condition that due tax is paid by filing return in FORM GSTR-3B by the date(s) as specified in the Notification.

Circular No. 136/06/2020-GST dated 3rd April, 2020

  • What if a taxpayer does not furnish GSTR-3B before the due dates mentioned in the notification?
  • In case the return for the said months are not furnished on or before the dates mentioned in the notification then interest at 18% per annum shall be charged from the due date of return, till the date on which the return is filed.
  • In addition, regular late fee shall also be leviable for such delay along with liability for penalty

Ministry Of Finance
(Department Of Revenue)
(Central Board Of Indirect Taxes And Customs)

Notification No. 31/2020-Central Tax

New Delhi, the 3rd April, 2020

G.S.R. 231(E).—In exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 148 of the said Act, the Central Government, on the recommendations of the Council, hereby makes the following amendment i n notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2017–Central Tax, dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 661(E), dated the 28th June, 2017, namely:–

In the said notification, in the first paragraph, the following provisos shall be inserted, namely:

“Provided that, the rate of interest per annum shall be as specified in column (3) of the Table given below, for the class of registered persons, mentioned in the corresponding entry in column (2) of the said Table, 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 in the corresponding entry in column (4) of the said Table 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:-‑

TABLE

Sl. 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 the 24th day of June, 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 the 29th day of June, 2020
April, 2020 If return in FORM GSTR-3B is furnished on or before the 30th day of June, 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 the 30th day of June, 2020
Math, 2020 If return in FORM GSTR-3B is furnished on or before the 3rd day of July, 2020
April, 2020 If return in FORM GSTR-3B is furnished on or before the 6th day of July, 2020.”.

2. This notification shall be deemed to have come into force with effect from the 20th day of March, 2020.

[F. No. CBEC-20/06/04/2020-GST]

PRAMOD KUMAR, Director

Note : The principal notification number 13/2017–Central Tax, dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 661(E), dated the 28th June, 2017.

More Under Goods and Services Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031