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Interest on delayed payment of tax, refund [Section 50(1), 50(3), 54(12), 56 of CGST Act]

Notification No. 13/2017 - Central...

Notification No. 13/2017 - Central Tax dated 28-06-2017 [Section 50(1), 50(3), 54(12), 56 of CGST Act]

Notification No. 13/2017-Central Tax dt. 28-06-2017 wef 01-07-2017

In exercise of the powers conferred by section 50(1) and (3), 54(12) and 56 of CGST Act, 2017,

Interest Rate under Various section of CGST Act, 2017

CG fixes interest rate p.a., for the purposes of the sections as specified in column (2), as mentioned in the corresponding entry in column (3).

Table

Sl No

Section

Interest Rate

(1)

(2)

(3)

1.

Section 50(1)

18%

2.

Section 50(3)

24%

3.

Section 54(12)

6%

4.

Section 56

6%

5.

Proviso to Section 56

9%

Interest rate u/s 50(1)  during lockdown period due to COVID-19

[1][Provided that interest rate p.a. shall be as specified in column (3) of the Table given below for the period mentioned therein, for RPs mentioned in column (2) of Table, who are [2][liable to pay tax but fail to do so] for the months mentioned in column (4) of the said Table by the due date, namely

Table

SN

RPs

Rate of interest

[3][Month/Quarter]

(1)

(2)

(3)

(4)

1.

Taxpayers having AT > Rs. 5 cr in the preceding FY

Nil for first 15 days from the due date, and

9% thereafter till 24/06/2020

Feb, Mar & April, 2020

2.

Taxpayers having AT <= Rs.5 crs in the preceding FY,

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 30/06/2020, and 9% thereafter till 30/09/2020

Feb, 20

Nil till 03/07/2020, and 9% thereafter till 30/09/2020

Mar, 20

Nil till 06/07/2020, and  9% thereafter till 30/09/2020

Apr, 20

Nil till 12/09/2020, and  9% thereafter till 30/09/2020

May, 20

Nil till 23/09/2020, and  9% thereafter till 30/09/2020

Jun, 20

Nil till 27/09/2020, and  9% thereafter till 30/09/2020

Jul, 20

3.

Taxpayers having AT <= Rs. 5 cr in the preceding FY,

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 30/06/2020, and 9% thereafter till 30/09/2020

Feb, 20

Nil till 05/07/2020, and 9% thereafter till 30/09/2020

Mar, 20

Nil till 09/07/2020, and  9% thereafter till 30/09/2020

Apr, 20

Nil till 15/09/2020, and  9% thereafter till 30/09/2020

May, 20

Nil till 25/09/2020, and  9% thereafter till 30/09/2020

Jun, 20

Nil till 29/09/2020, and  9% thereafter till 30/09/2020

Jul, 20

[4][4.

Taxpayers having an AT > Rs. 5 cr in the preceding FY

9% for the first 15 days from the due date and

18 % thereafter

March, 2021,

April, 2021 and may, 2021

5.

Taxpayers having an AT <= Rs. 5 cr in the preceding FY who are liable to furnish the return as specified u/s 39(1)

Nil for the first 15 days from the due date,

9% for the next 45 days, and

18 % thereafter

March, 2021,

Nil for the first 15 days from the due date,

9% for the next 30 days, and

18 % thereafter

April, 2021,

Nil for the first 15 days from the due date,

9% for the next 15 days, and

18 % thereafter

May, 2021

6.

Taxpayers having an AT <= Rs. 5 cr in the preceding FY who are liable to furnish the return as specified under proviso to section 39(1)

Nil for the first 15 days from the due date,

9% for the next 45 days, and

18 % thereafter

March, 2021,

Nil for the first 15 days from the due date,

9% for the next 30 days, and

18 % thereafter

April, 2021,

Nil for the first 15 days from the due date,

9% for the next 15 days, and

18 % thereafter

May, 2021

7.

Taxpayers who are liable to furnish the return as specified u/s 39(2)

Nil for the first 15 days from the due date,

9% for the next 45 days, and

18 % thereafter

Quarter ending March, 2021

]

Clarification on providing relief to taxpayers in view of spread of COVID-19

Extract of Circular No. 136/06/2020 - GST dt. 03-04-2020 –

 

Illustration:-Calculation of interest for delayed filing of return for the month of March, 2020 (due date of filing being 20.04.2020) may be illustrated as per the below Table:

SN

Actual Date of filing GSTR-3B

No of days delayed

Conditions Satisfied

Interest

1

02-05-2020

11

Yes

Nil

2

20-05-2020

30

Yes

Nil Interest Rate for 15 days + 9% IR for 15 days

3

20-06-2020

61

Yes

Nil Interest Rate for 15 days + 9% IR for 46 days

4

24-06-2020

65

Yes

Nil Interest Rate for 15 days + 9% IR for 50 days

5

30-06-2020

71

No

18% Interest Rate for 71 days

.

 

[1] Proviso substituted by Notification No. 51/2020-Central Tax dt. 24-06-2020.

Proviso inserted by Notification No. 31/2020-Central Tax dt. 03-04-2020 wef 20-03-2020 as

“Provided that interest rate p.a. u/s 50(1) shall be as specified in column (3) of the Table given below, for RPs, mentioned in column (2) fail to furnish GSTR-3B along with payment of tax for the months mentioned in column (4) by the due date, but furnish the said return according to the condition mentioned in column (5) of the Table

S No

RPs

Intt Rate

Tax Period

Condition –

If GSTR-3B is furnished on or before

(1)

(2)

(3)

(4)

(5)

1.

RPs having an AT > Rs. 5 cr  in the preceding FY

Nil for first 15 days from the due date, and

9% thereafter

Feb-Apr, 2020

24-06-2020

2.

RPs having an AT > Rs.1.5 cr and =< Rs.5 Cr in the preceding FY

Nil

Feb & Mar, 2020

29-06-2020

Apr, 2020

30-06-2020

3.

RPs having an AT =< Rs.1.5 cr in the preceding FY

Nil

Feb, 2020

30-06-2020

Mar, 2020

03-07-2020

April, 2020

06-07-2020

“

 

[2] Substituted for words “required to furnish GSTR-3B, but fail to furnish the said return along with payment of tax]” by Notification No. 18/2021-Central Tax dt. 01-06-2021 wef 18-05-2021.

[3] Substituted for words “Tax Period” by Notification No. 18/2021-Central Tax dt. 01-06-2021 wef 18-05-2021.

[4] Point 4 to 7 substituted by Notification No. 18/2021-Central Tax dt. 01-06-2021 wef 18-05-2021.

Point 4 to 7 inserted by Notification No. 08/2021-Central Tax dt. 01-05-2021 wef 18-04-2021 as under

4.

Taxpayers having an AT > Rs. 5 cr in the preceding FY

9% for the first 15 days from the due date and

18 % thereafter

March, 2021,

April, 2021

5.

Taxpayers having an AT <= Rs. 5 cr in the preceding FY who are liable to furnish the return as specified u/s 39(1)

Nil for the first 15 days from the due date,

9% for the next 15 days, and

18 % thereafter

March, 2021,

April, 2021

6.

Taxpayers having an AT <= Rs. 5 cr in the preceding FY who are liable to furnish the return as specified under proviso to section 39(1)

Nil for the first 15 days from the due date,

9% for the next 15 days, and

18 % thereafter

March, 2021,

April, 2021

7.

Taxpayers who are liable to furnish the return as specified u/s 39(2)

Nil for the first 15 days from the due date,

9% for the next 15 days, and

18 % thereafter

March, 2021,

April, 2021\

 

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