CBIC Eases Interest Rates for Taxpayers on Delayed GSTR 3B Filing

The Central Board of Indirect Taxes and Customs (CBIC) has finally notified easing of Interest Rates levied on businessmen for the delay in the filing of GSTR 3B Return. The aforesaid decision was taken on May 28 in the 43rd meeting of the GST Council Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021. The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers of States & UTs. Read also that was chaired by the Union Finance Minister Nirmala Sitharaman along with state counterparts. This has been done to extend certain compliance relaxations amidst  Corona Second and one of the important decisions in the above-mentioned meeting was relaxation in Interest Rates on delayed filing of GSTR-3B.

And The CBIC has notified also that those taxpayers shall be provided relaxation who have an aggregate turnover in excess of Rs.5 crores in the preceding financial year and who have to file GSTR 3B. Relaxation is for the Tax Period ending for

1. March 2021,
2. April 2021 and
3. May, 2021.

CBDT has furnished the Information Regarding Tax Payment

• For the Period of March 2021, Taxpayers who have an aggregate turnover of up to Rs 5 crores in the preceding financial year and who are liable to furnish the GST return Get to know the online procedure of filing GST return in India. Also, we provide each and every GST form according to the taxpayers. Read also as specified under sub-section (1) of section 39 for the tax period in respect of March 2021, the interest rate will be
  • Zero for the first 15 days from the due date,
  •  9 percent for the next 45 days, and
  • 18 percent thereafter.

• For the Period of April 2021, the interest rate shall be:
  • “Zero for the first 15 days from the due date,”
  • “9 percent for the next 30 days, and”
  • “18 percent thereafter.”

• Adding further, For the Period of May 2021, the interest rate shall be:
  • “Zero for the first 15 days from the due date,”
  • “9 percent for the next 15 days, and”
  • “18 percent thereafter”

Coming to the notice with respect to those taxpayers who are liable to furnish the return as per sub-section (2) of section 39 for the Quarter ending March 2021, the interest rates Shall be

• “Zero for the first 15 days from the due date,”
• “9 percent for the next 45 days, and”
• “18 percent thereafter.”