REDUCTION OF INTEREST FOR BELATED SUBMISSION OF FORM
GSTR-3B RETURN FOR THE MONTHS FROM MARCH 2021 TO MAY 2021.
The
Goods and Services Tax Act, 2017 came into force with effect from 1.7.2017 in
India.
The
Central Government has reduced the rate of interest for the belated payment of
tax and belated submission of returns for the months of March 2021, April 2021
and May 2021 as shown below
|
S. No |
Return Period |
Class of Registered Persons |
Rate
of Interest |
|
1. |
Mar
2021 Apr
2021 May
2021 |
Taxpayers
having
an
aggregate turnover of more than rupees
5 crores in the preceding
financial year |
9 per cent for
the first 15 days from the due
date and 18 per cent thereafter |
|
2. |
Mar
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return
as specified under sub- section (1)
of section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
|
3. |
April
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return
as specified under sub- section (1)
of section 39 |
Nil for
the first 15 days from the
due date, 9 per cent for
the next 30 days, and
18
per
cent thereafter |
|
4. |
May
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return
as specified under sub- section (1)
of section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 15 days,
and 18 per
cent thereafter |
|
5. |
Mar
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return as
specified under proviso
to sub-section (1) of
section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
|
6. |
Apr
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return as
specified under proviso
to sub-section (1) of
section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
|
7. |
May
2021 |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return as
specified under proviso
to sub-section (1) of
section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
|
8. |
Quarter
Ended Mar
2021 |
Taxpayers who are liable to furnish the return as specified under
sub-section (2) of
section 39 |
Nil for
the first 15 days from the due
date, 9 per
cent for the next 45 days,
and 18 per
cent thereafter |
The
above changes came into force with effect from 18.5.2021.
The
relevant notification is given below for ready reference:
[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. 18/2021 – Central Tax
New Delhi,
the 1st June, 2021
G.S.R.....(E).- In exercise of the powers conferred by
sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of
2017) read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments
in notification of
the Government of India
in the Ministry of Finance (Department of Revenue), No. 13/2017
– Central Tax, dated the
28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-section (i)
vide number G.S.R. 661(E), dated the 28th June, 2017, namely: —
In the said
notification, in the first paragraph,
in the first proviso,-
(i) for the words, letters and figure “required to furnish the returns in FORM GSTR-3B, but fail to furnish the said return along with payment
of tax”, the words “liable to pay tax but fail to do so” shall be substituted;
(ii) in the Table, in column 4, in the heading, for the words “Tax period”,
the words “Month/Quarter” shall be substituted;
(iii) in the Table, for serial number 4, 5, 6 and 7, the following shall be substituted,
namely: —
|
(1) |
(2) |
(3) |
(4) |
|
“4. |
Taxpayers
having
an
aggregate turnover of more than rupees
5 crores in the preceding
financial year |
9 per cent for
the first 15
days from the
due date and 18
per
cent thereafter |
March,
2021,
April, 2021
and |
|
|
|
|
May,
2021 |
|
5. |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return
as specified under sub- section (1)
of section 39 |
Nil for the first 15 days
from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
March,
2021 |
|
Nil for the first 15 days
from the due
date, 9 per
cent for the next 30 days,
and 18 per
cent thereafter |
April,
2021 |
||
|
Nil for the first 15 days
from the due
date, 9 per
cent for the next 15 days,
and 18 per
cent thereafter |
May,
2021 |
||
|
6. |
Taxpayers
having
an
aggregate turnover of up to rupees 5 crores in
the preceding
financial year who
are liable to furnish the return as
specified under proviso
to sub-section (1) of
section 39 |
Nil for the first 15 days
from the due
date, 9 per
cent for the next 45 days, and
18
per
cent thereafter |
March,
2021 |
|
Nil for the first 15 days
from the due
date, 9 per
cent for the next 30 days,
and 18 per
cent thereafter |
April,
2021 |
||
|
Nil for the first 15 days
from the due
date, 9 per
cent for the next 15 days,
and 18 per
cent thereafter |
May,
2021 |
|
7. |
Taxpayers who are liable to
furnish the return as specified under
sub-section (2) of
section 39 |
Nil for the first 15 days
from the due
date, 9 per
cent for the next 45 days,
and 18 per
cent thereafter |
Quarter
ending
March,
2021”. |
2. This
notification shall be deemed to have come into force with effect from the 18th
day of May, 2021.
[F. No. CBIC-20001/5/2021] (Rajeev
Ranjan)
Under Secretary to
the
Government of India
Note: The principal notification number
13/2017 – Central Tax, dated the 28th June,
2017, was published in the
Gazette
of India,
Extraordinary, Part II, Section 3, Sub-
section (i) vide number
G.S.R. 661(E), dated the 28th June, 2017 and was
last amended vide notification number 08/2021 – Central Tax, dated
the 1st May, 2021, published in
the Gazette
of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 304(E), dated the 1st May, 2021.