Seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020.

Circular No. ES/221 /2020-21                                                     27th June, 2020   

 

To : Members of the Council

  

Sub.: Seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020.

 

Dear Member,

 

CBIC has issued Notification No. 05/2020–Integrated Tax dated 24th June, 2020 by making amendments in Notification No. 6/2017 – Integrated Tax, dated  28th June, 2017 in order to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020.

 

S. No.

Class of registered persons

Rate of interest 

Tax period

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 24th 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 30th day of June, 2020, and 9 per cent thereafter till the 30th day of September, 2020

February, 2020

Nil till the 3rd day of July, 2020, and 9 per cent thereafter till the 30th day of September, 2020

March, 2020

Nil till the 6th day of July, 2020, and 9 per cent thereafter till the 30th day of September, 2020

April, 2020

Nil till the 12th day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020

May, 2020

Nil till the 23rd day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020

June, 2020

Nil till the 27th day of September, 2020, and 9 per cent thereafter till the 30th 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 30th day of June, 2020, and 9 per cent thereafter till the 30th day of September, 2020

February, 2020

Nil till the 5th day of July, 2020, and 9 per cent thereafter till the 30th day of September, 2020

March, 2020

Nil till the 9th day of July, 2020, and 9 per cent thereafter till the 30th day of September, 2020

April, 2020

Nil till the 15th day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020 

May, 2020

Nil till the 25th day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020

June, 2020

Nil till the 29th day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020  

July, 2020

Members may kindly make a note of the above.

Thanking you,

Yours faithfully,

S.BALARAJU

EXECUTIVE DIRECTOR

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