The Central Board of Indirect Taxes and Customs (CBIC), on Wednesday, issued a notification wherein the Govt waived the interest for delay in filing GSTR-3B under the Integrated Goods and Service Tax (IGST) Act, 2017. However, relaxation is subject to the condition mentioned in the notification.
The notification clarified that all the classes of the person shall furnish the returns in FORM GSTR-3B, However, if the registered person fails to furnish the details on the due date the rate of interest will be applicable.
Firstly, the taxpayers having an aggregate turnover of more than Rs. 5 Crores in the preceding financial year are liable to pay the NIL interest rate for the first 15 days from the due date and then 9% of the interest would be applicable after 15 days. The tax period prescribed for such a class of person shall be from February, April and March 2020.
Secondly, the taxpayers having an aggregate turnover of more than Rs. 1.5 Crores and up to 5 crores in the preceding financial years are liable to pay the NIL interest rate. The tax period prescribed for such a class of person shall be from February, and March, 2020.
Thirdly, the taxpayers having an aggregate turnover of Rs. 1.5 Crores in the preceding financial years are liable to pay the NIL interest rate. The tax period prescribed for such a class of person shall be from February, March, and April 2020.
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