The Central Board of Indirect Taxes and Customs in its Notification dated 3rd April 2020 has provided lower rate of interest and conditional waiver of late fee payable by class of registered persons who are required to furnish the returns in FORM GSTR-3B, but fails to furnish the said return along with payment of tax for the below specified months.
The taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year who are required to furnish the returns in Form GSTR-3B for the months of February, March, and April 2020 by the due date but furnish the said return on or before the 24th day of June, 2020 shall be charged NIL interest for first 15 days from the due date, and 9 per cent thereafter along with payment of tax.
NIL rate of interest is notified for those registered persons having aggregate turnover of more than 1.5 crores and up to rupees five crores in the preceding financial for the tax periods of February, 2020 to April, 2020 if the return in Form GSTR-3B is furnished on or before the 29 for the months February and March and 30th day of June, 2020 for the month April.
NIL rate of interest is notified for taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year for the tax periods of February 2020 to April 2020 if the return in Form GSTR-3B is furnished on or before 30th June for February and 3rd July for March and 6th day of July for April.
This notification shall be deemed to have come into force with effect from the 20th day of March, 2020.
Click here to read the Notification.
