Reduced Interest Rates for Integrated Tax Returns · 05/2020 – Integrated Tax
CBIC / GST notification 05/2020 – Integrated Tax · 24 Jun 2020
Official title
05/2020-Integrated Tax : Seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020.
Official record
Open source pageSummary
Check the official recordWhat changed
The government reduces interest rates for registered persons who fail to furnish FORM GSTR-3B by the due date for tax periods from February 2020 to July 2020. The relief applies to taxpayers based on their aggregate turnover in the preceding financial year and the location of their principal place of business. Taxpayers with an aggregate turnover exceeding 5 crore rupees receive a nil interest rate for the first 15 days after the due date, followed by 9 percent interest until 24 June 2020. Taxpayers with an aggregate turnover up to 5 crore rupees receive nil interest until specified dates in 2020, followed by 9 percent interest until 30 September 2020.
What you must do
- Furnish FORM GSTR-3B returns along with payment of tax.
Who is affected
- Registered persons required to furnish FORM GSTR-3B who fail to pay tax by the due date.
Document text
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs
Notification No. 05/2020 – Integrated Tax
New Delhi, the 24^th June, 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 Government, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 6/2017 – Integrated Tax, dated the 28^th 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 28^th June, 2017, namely:–
In the said notification, in the first paragraph, for the first proviso, the following proviso shall be substituted, namely: –
“Provided that the rate of interest per annum shall be as specified in column (3) of the Table given below for the period mentioned therein, 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, namely:--
Table
| S. No. | Class of registered persons | Rate of interest | Tax period |
|---|---|---|---|
| (1) | (2) | (3) | (4) |
| 1. | Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year | Nil for first 15 days from the due date, and 9 per cent thereafter till 24^th day of June, 2020 | February, 2020, March 2020, April, 2020 |
| 2. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep | Nil till the 30^th day of June, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | February, 2020 |
| Nil till the 3^rd day of July, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | March, 2020 | ||
| Nil till the 6^th day of July, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | April, 2020 | ||
| Nil till the 12^th day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | May, 2020 | ||
| Nil till the 23^rd day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | June, 2020 | ||
| Nil till the 27^th day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | July, 2020 | ||
| 3. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi | Nil till the 30^th day of June, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | February, 2020 |
| Nil till the 5^th day of July, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | March, 2020 | ||
| Nil till the 9^th day of July, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | April, 2020 | ||
| Nil till the 15^th day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | May, 2020 | ||
| Nil till the 25^th day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | June, 2020 | ||
| Nil till the 29^th day of September, 2020, and 9 per cent thereafter till the 30^th day of September, 2020 | July, 2020.”. |
[F. No. CBEC-20/06/09/2019-GST]
(Pramod Kumar)
Director, Government of India
Note: The principal notification number 06/2017 – Integrated Tax, dated the 28^th 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 28^th June, 2017 and was last amended vide notification number 03/2020 – Integrated Tax, dated the 8^th April, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 242(E), dated the 8^th April, 2020.
Source details
- Source
- Central Board of Indirect Taxes and Customs / GST
- Type
- notification
- Published by source
- 24 Jun 2020
- Document number
- 05/2020 – Integrated Tax
- Issuing division
- Central Board of Indirect Taxes and Customs
- Coverage area
- indirect-tax