Interest payable on GST, The Central Board of Indirect Taxes and Customs (CBIC) provided a big Relief in Payment of Interest to Normal Taxpayers filing Form GSTR-3B in below mentioned manner :
a. Interest payable on GST for Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period(in 2020) | Due Date(in 2020) | No interest payable till(in 2020) | Interest payable @ 9% from & till(in 2020) | Interest payable @ 18% from(in 2020) |
|---|---|---|---|---|
b. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period(in 2020) | Due Date(in 2020) | No interest payable till(in 2020) | Interest payable @ 9% from & till(in 2020) | Interest payable @ 18% from(in 2020) |
|---|---|---|---|---|
c. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period(in 2020) | Due Date(in 2020) | No interest payable till(in 2020) | Interest payable @ 9% from & till(in 2020) | Interest payable @ 18% from(in 2020) |
|---|---|---|---|---|
Also Read : All About GSTR4 Annual Return for Composition Taxpayers