Interest @ 18% p.a. shall be calculated from the prescribed date and not due date of filing return2
- In case of taxpayer with turnover above 5 crore the interest shall be calculated as follows:-
Manner of calculation of Interest |
|
Date |
Rate of Interest |
May 5, 2020 |
Nil (15 days from due date) |
May 6, 2020- June 24, 2020 |
9% p.a. will be charged. |
June 25, 2020 onwards |
18% p.a. |
- Interest shall be calculated in the above mentioned way for the month of February, March and April. The prescribed date shall be June 24, 2020.
- In case of taxpayer with turnover upto 5 crore the prescribed dated is given in the table below:-
Manner of calculation of Interest |
||
Month |
Date (Till) |
Rate of Interest |
February |
June 30, 2020 |
Nil |
June 30, 2020 |
||
March |
July 3, 2020 |
|
July 5, 2020 |
||
April |
July 6, 2020 |
|
July 9, 2020 |
||
May |
September 12, 2020 |
|
September 15, 2020 |
||
June |
September 23, 2020 |
|
September 25, 2020 |
||
July |
September 27, 2020 |
|
September 29, 2020 |
||
Note: Interest @ 9% p.a. shall be charged from the expiry of the above dates till September 30, 2020
- The above dates were also prescribed for considering the time limit of waiver of late fees in regard to filing of GSTR-3B3
Maximum late fees for GSTR-3B3
- The late is fixed to Rs 250/- CGST & SGST respectively provided the return for the month of July 2017- January 2020 is filed between July 1, 2020- September 30,2020
- The late fees is waived off where nil GSTR-3B is required to be filed for the period July 2017- January 2020, provided the same is filed between July 1, 2020- September 30,2020
Waiver of late fees for GSTR-1
- Late fees has been waived off by the government as per notification4 the details in regard to it is mentioned below:-
Month |
Late fees waived till |
March |
July 10,2020 |
April |
July 24, 2020 |
May |
July 28, 2020 |
June |
August 5, 2020 |
Jan-March |
July 17, 2020 |
April- June |
August 3, 2020 |
Extending the due date of filing GSTR-3B for the month of August 20205
For small tax payer having turnover of upto 5crore the dates same been extended to October 1, 2020 & October 3, 2020 respectively depending on the turnover.
1 Circular No.141/11/2020-GST dated June 24, 2020
1 Notification No. 51/2020 – Central Tax dated June 24,2020
1 Notification No. 52/2020 – Central Tax dated June 24, 2020
1Notification No. 53/2020 – Central Tax dated June 24,2020
1 Notification No. 54/2020 – Central Tax dated June 24, 2020
BT Associates is a premier indirect tax consultant in kolkata, delivering high quality services to client in the area of indirect taxation.GST idea is a unit of BT Associates formed to share knowledge on stakeholders. We cover entire gamut from technical papers to recent development including IT under GST
Founder Member
Bhaskar Thakkar
Chief Executive officer
BT Associates, India
thakkar@btassociate.com
Twenty years of experience in tax practice. Specialist in structuring & planning and tax optimization under indirect tax. Lead eastern India indirect tax practice of Ernst & Young in past.
