Interest Waiver to Nil/9% for
Late Payment of UGST by Three Months
·
Relaxation Allowed to Units upto Rs. 1.5 crs
[Notification No. 1/2020 – Union
Territory Tax dated 8 April 2020]
Seeks to provide relief by conditional lowering of interest rate
for tax periods of February, 2020 to April, 2020
G.S.R.....(E).—In
exercise of the powers conferred by section 21 of the Union Territory Goods and
Services Tax Act, 2017 (14 of 2017), read with sub-section (1) of section 50
and section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017),
the Central Government, on the recommendations of the Council, hereby makes the
following amendment in notification of the Government of India in the Ministry
of Finance (Department of Revenue), No. 10/2017 – Union Territory Tax, dated the
30th June, 2017, published in the Gazette of
India, Extraordinary, Part II, Section 3, Sub-section (i)
vide number G.S.R. 747(E), dated the 30th 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 |
||||
|
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 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 |
|
|
|
|
March, 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]