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Writer's pictureSaurav Sarkar

Is interest applicable for payment of tax for the month of Feb'20 !!!!

Legal Interpretation, though no Notification has been published in respect of Fianance Minister's announcement dated 24.03.2020:-

It has been stated in the Presee Release that no interest is payable for the delayed submission of GSTR-3B returns (must be submitted within 30.06.20) which are DUE IN THE MONTH OF MARCH'20, APRIL'20 & MAY'20 in case of below 5 cror turnover & 9% reduced interest is to be paid in case of above 5 crore turnove (if paid after 15 days from the 20th day, the current due date). It means, these provisions are applicable to the GSTR-3B returns to be filed for the MONTH OF FEBRUARY'20, MARCH'20 & APRIL'20 not for the months of March'20, April'20 & May'20.

That means, for the taxpayers having above 5 crore turnover the last date to pay tax (without interest) for the month of February'20 is 04.04.2020.

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