Interest Waiver to Nil/9% for Late Payment of IGST by Three Months

·      Relaxation Allowed to Units upto Rs. 1.5 crs

[Notification No. 3/2020 – Integrated 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 20 of the Integrated Goods and Services Tax Act, 2017 (13 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. 6/2017 – Integrated 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. 698(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

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

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

February, 2020, March

If return in FORM GSTR-3B is furnished on or

 

than rupees 5 crores in the preceding financial year

per cent thereafter

2020, April, 2020

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]