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

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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.