CBIC provides relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

Circular No.ES/21/2020-21                                                         6th April, 2020 

  To: Members of the Council 

 

 Sub.: CBIC provides relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

 

Dear Member, 

 

We would like to inform you that CBIC has issued Notification No. 31/2020- Central Tax dated 3rd April, 2020  providing relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

 

The rate of interest per annum has been specified in the below Table for the registered persons, 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 Table by the due date, but furnish the said return according to the given condition-

 

S. No.

Class of registered persons

Rate of interest 

Tax period 

Condition 

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

February, 2020, March 2020, April, 2020

If return in FORM GSTR-3B is furnished on or 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 3 rd day of July, 2020 

April, 2020

If return in FORM GSTR-3B is furnished on or before the 6 th day of July, 2020.”.

 

This notification shall be deemed to have come into force w.e.f. 20th March, 2020.

 

Members may kindly make a note of the above.  

 

Thanking you, 

 

Yours faithfully, 

   

S. BALARAJU 

EXECUTIVE DIRECTOR 

 

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