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]