Quick Summary
The interest rate for late filing of GSTR-3B have been notified on the GST Portal. Interest will be levied @18% for taxpayers having turnover Rs 5 crore if the return is not filed by the 24th of June. Here is what the official notice reads on the GST Portal: Interest liability for filing Form GST
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FAQ :
For taxpayers with an aggregate turnover exceeding Rs 5 crore in the preceding financial year, an interest rate of 18% per annum is payable if the GSTR-3B return is not filed by 24th June 2020.
Taxpayers with an aggregate turnover of more than Rs 1.5 crore and up to Rs 5 crore in the preceding financial year will face an 18% interest rate if the GSTR-3B is not filed by the stipulated dates, with variations for Group 1 and Group 2 states/UTs.
Yes, taxpayers with an aggregate turnover of up to Rs 1.5 crore in the preceding financial year will also be subject to an 18% interest rate if the GSTR-3B is not filed by the specified dates, with different dates for Group 1 and Group 2 states/UTs.
Details regarding which States or UTs fall into Group 1 or Group 2 can be found in point 1(d) of Part 1 of the advisory on the GST portal.
Interest is not payable if the GSTR-3B return is filed by the specified due dates, which vary depending on the taxpayer's turnover and the tax period.
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