Circular No.ES/37/2020-21 9th 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,
CBIC has issued Notification No.3/2020 – Integrated Tax dated 8th April, 2020 and Notification No. 1/2020- Union Territory Tax dated 8th April, 2020 providing relief by conditionally lowering the interest rate for tax periods of February, 2020 to April, 2020.
This notification shall come into force with effect from 20th March, 2020.
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S. No.
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Class of registered persons
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Rate of interest
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Tax period
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Condition
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1
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Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year
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Nil for first 15 days from the due date, and 9 per cent thereafter
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February, 2020, March 2020, April, 2020
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If return in FORM GSTR-3B is furnished on or before 24th June, 2020
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2
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Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year
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Nil
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February, 2020, March, 2020
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If return in FORM GSTR-3B is furnished on or before 29th June, 2020
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April, 2020
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If return in FORM GSTR-3B is furnished on or before 30th June, 2020
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3
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Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year
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Nil
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February, 2020
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If return in FORM GSTR-3B is furnished on or before 30th day of une, 2020
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March, 2020
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If return in FORM GSTR-3B is furnished on or before 3rd day July, 2020
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April, 2020
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If return in FORM GSTR-3B is furnished on or before 6th July, 2020.”.
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Members may kindly make a note of the above details.
Thanking you,
Yours faithfully,
S.BALARAJU
EXECUTIVE DIRECTOR
