The Central Board of Indirect Taxes and Customs ( CBIC ) has notified relaxation in Interest Rates on delayed filing of GSTR 3B Return. The GST Council, chaired by the Union Finance Minister and comprising state counterparts, on May 28 had decided to extend certain compliance relaxations on account of COVID-19 and one of the significant proposals was relaxation in Interest Rates on delayed filing of GSTR-3B.
The Board has notified that the relaxation for the Taxpayers having an aggregate turnover of more than Rs.5 crores in the preceding financial year Relaxation in the interest rate based on Turnover to those who have to file GSTR 3B and also to Composition dealers. Relaxation is for the Tax Period ending for March, 2021, April, 2021 and May, 2021.
The CBDT has notified that taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 for the tax period in respect of March, 2021, the the interest rate will be Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter.
In case of the tax period April, 2021, the interest rate will be Nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter.
Further, in the case of May, 2021 the interest rate will be Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter.
The Board has notified that the Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 for March, 2021 the interest rate will be Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter.
In case of the tax period of April, 2021, the rate of interest will be nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter.
Further, in the case of May, 2021 the interest rate will be Nil for the first 15 days from the due date, 9 percent for the next 15 days, and 18 percent thereafter. Lastly, the Board has notified the taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39 for the Quarter ending March, 2021 the interest rates will be Nil for the first 15 days from the due date, 9 percent for the next 45 days, and 18 percent thereafter.
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