CBIC vide Notification No. 51/2020 – Central Tax dated June 24, 2020, which provides relief by lowering of the interest rate for a prescribed time for tax periods from February 2020 to July 2020 in Form GSTR-3B for the class of registered person are discussed below in the given table:-
| S. No. | Class of registered persons | Rate of interest |
Tax period |
|
1. |
Taxpayers having an aggregate turnover of more than rupees 5 Crores (> Rs 5 Cr) in the preceding financial year |
Nil for first 15 days |
February 2020, March 2020, April, 2020 |
|
2. |
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till June 30, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
February, 2020 |
|
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till July 03, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
March, 2020 |
|
|
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till July 06, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
April, 2020 |
|
|
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 12, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
May, 2020 |
|
|
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 23, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
June, 2020 |
|
| Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 27, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
July, 2020 |
|
|
3. |
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till June 30, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
February, 2020 |
|
Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till July 5, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
March, 2020 |
|
| Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 interest till July 09, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
April, 2020 | |
| Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 15, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
May, 2020 |
|
| Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 25, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
June, 2020 |
|
| Taxpayers having an aggregate turnover of up to rupees 5 crores (up to Rs. 5 Crore) 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 Interest till September 29, 2020, and 9 percent (9%) thereafter till September 30, 2020 |
July, 2020 |
The Notification can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-51-central-tax-english-2020.pdf
The Same Notification has been issued in UTGST Act as well: Notification No. 02/2020 – Union Territory Tax
The Same Notification has been issued in IGST Act as well: Notification No. 05/2020 – Integrated Tax