The Central Board of Indirect Taxes (CBIC) vide Notification No.51/2019-CT dated 24th June 2020 provided relief to Taxpayers by reducing/waiving off interest for taxpayers.CBIC has categorised the taxpayers according to the revenue generated by them in the previous financial year i.e. FY:2019-20.
CBIC has categorised the taxpayers into two categories- Taxpayers with Revenue exceeding Rs.5 Crores in FY:19-20 and Taxpayers with Revenue up to Rs.5 Crores in FY:19-20. Taxpayers having revenue up to Rs.5 Crores have been further categorised depending upon their Registered Place of Business.
Relief has been given accordingly as per the category under Taxpayer falls in the table given below:
Note: If Return in Form GSTR-3B is filed after the extended date prescribed by CBIC in this notification then the interest rate would be applicable under Section 50(1) of CGST Act, 2017 at 18% per annum from the extended date as prescribed by CBIC in this notification.
For E.g., If a Taxpayer having turnover up to Rs.5 Crores in FY:19-20 having registered place of business in Delhi files return under Form GSTR-3B for the month of July 2020 on 29th September 2020, interest payable by him would be "nil".
If the same Taxpayer files return under Form GSTR-3B for the month of July 2020 on 30th September 2020, interest payable by him would be calculated @9% p.a. for 1 Day on the tax payable by him.
However, If the Taxpayer files return under Form GSTR-3B for the month of July 2020 on 10th October 2020, interest payable by him would be calculated @9% p.a. for 1 day and 18% p.a. for 10 days on the tax payable by him.
Note: No. of days have been calculated from 25th August 2020 to 10th October 2020. Since the due date of Form GSTR-3B for Taxpayers having turnover up to Rs.5 Crores registered in Delhi is 24th of Next Month.
A Map of India for Taxpayers mentioned in 2nd and 3rd Categories have been presented below for easily identifying the Due Dates till which returns need to be filed for availing the benefit of lower/waived off interest rates.
Source: www.cbic-gst.gov.in
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