COMPOSITION TAX RATE
Amendment in Rule 7 of Central Goods and Services Tax Rules, 2017 (CGST Rules) has been made wherein tax rates under composition scheme have been prescribed.
Tax rates applicable in case of composition levy shall be as under:
| Section Applicable | Category of registered person | Rate of Central Tax |
| Section 10(1) and Section 10(2) | Manufacturers, other than manufacturers of such goods as may be notified by the Government | 0.5 per cent. of turnover in the State or UT |
| Section 10(1) and Section 10(2) | Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II | 2.5 per cent. of turnover in the State or UT |
| Section 10(1) and Section 10(2) | Any other supplier eligible for composition levy under subsections (1) and (2) of section 10 | 0.5 per cent. of the turnover of taxable supplies of goods and services in the State or Union territory |
| Section 10(2A) | Registered persons not eligible under the composition levy under sub-sections (1) and (2), but eligible to opt to pay tax under sub-section (2A), of section 10 | 3 per cent. of the turnover of taxable supplies of goods and services in the State or Union Territory |
Notification No. 50/2020-Central Tax dated June 24, 2020 to be effective from April 01, 2020
RATE OF INTEREST ON DELAYED PAYMENT OF TAXES
Rate of interest applicable in case of delayed payment of taxes for the various tax periods has been notified.
Rate of interest applicable for delayed payment of tax in respect of various tax periods and categories of tax payers shall be as under:
| Category of Taxpayers | Rate of Interest | Tax period |
| Tax Payers having aggregate turnover above Rs 5 Crores during the previous financial year | Nil if filed within 15 days of the due date and 9 per cent after that if filed before 24.06.2020 | February 2020 ~April 2020 |
| Category of Taxpayers | Tax period | Interest Rate Applicable | |
| Nil Interest upto | 9% interest upto | ||
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
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 |
Feb 2020 | 30.06.2020 |
30.09.2020
|
| March 2020 | 03.07.2020 | ||
| April 2020 | 06.07.2020 | ||
| May 2020 | 12.09.2020 | ||
| June 2020 | 23.09.2020 | ||
| July 2020 | 27.09.2020 | ||
| Category of Taxpayers | Tax period | Interest Rate Applicable | |
| Nil Interest upto | 9% interest upto | ||
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
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 |
February 2020 | 30.06.2020 |
30.09.2020
|
| March 2020 | 05.07.2020 | ||
| April 2020 | 09.07.2020 | ||
| May 2020 | 15.09.2020 | ||
| June 2020 | 25.09.2020 | ||
| July 2020 | 29.09.2020 | ||
Notification No. 51/2020-Central Tax dated June 24, 2020
CONDITIONAL WAIVER OF LATE FEE FOR DELAYED FILING OF GSTR 3B
Conditional waiver of late fee payable for delayed filing of return in Form GSTR 3B has been provided for various classes of tax payer for different tax period
Late fee payable for delayed filing of GSTR 3B shall stand waived off on the conditions that GSTR 3B for specified class of taxpayer is filed on or before the date as prescribed, the summary of which is as under:
| Category of Taxpayers | Tax period | Conditional due date for GSTR 3B filing for late fee waiver |
| Tax Payers having turnover above Rs 5 Crores during the previous financial year | February 2020 ~ April 2020 | 24.06.2020 |
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
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 |
February 2020 | 30.06.2020 |
| March 2020 | 03.07.2020 | |
| April 2020 | 06.07.2020 | |
| May 2020 | 12.09.2020 | |
| June 2020 | 23.09.2020 | |
| July 2020 | 27.09.2020 | |
| Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year,
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 |
February 2020 | 30.06.2020 |
| March 2020 | 05.07.2020 | |
| April 2020 | 09.07.2020 | |
| May 2020 | 15.09.2020 | |
| June 2020 | 25.09.2020 | |
| July 2020 | 29.09.2020 |
- Amount of late fee payable under CGST Act for delayed filing of GSTR 3B for the tax period July 2017 ~ January 2020 shall be capped at maximum of INR 250/- per return where such return has not been furnished by the due date but is furnished between the period July 01, 2020 ~ September 30, 2020. Where the tax payable in the said return is Nil, there shall be no late fee liability in respect of such delayed filing of return.
Notification No. 52/20202-Central Tax dated June 24, 2020
CONDITIONAL WAIVER OF LATE FEE FOR DELAYED FILING OF GSTR-1
Waiver from late fee payable on account of delayed filing of GSTR-1 has been provided, subject to such GSTR-1 being filed on or before the due date as prescribed.
Late fee payable in respect of delayed filing of GSTR-1 shall stand waived off subject to the condition that such return is filed on or before the due date as provided under;
| Tax period (Month/ Quarter) | Conditional due date to file GSTR-1 for late fee waiver |
| March 2020 | 10.07.2020 |
| April 2020 | 24.07.2020 |
| May 2020 | 28.07.2020 |
| June 2020 | 05.08.2020 |
| January 2020 ~ March 2020 | 17.07.2020 |
| April 2020 ~ June 2020 | 03.08.2020 |
Notification No. 53/2020-Central Tax dated June 24, 2020
DUE DATE TO FILE GSTR 3B FOR THE MONTH OF AUGUST 2020 PRESCRIBED
Due date to file GSTR 3B for the month of August 2020 has been prescribed
Due date to file GSTR 3B for the month of August 2020, for the taxpayers having aggregate turnover up to INR 5 cr. in the preceding financial year, has been prescribed as under:
| Category of Taxpayers | Due date to file GSTR 3B for August 2020 |
| Taxpayers having an aggregate turnover of up to rupees five crore rupees in the previous financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep |
01.10.2020 |
| taxpayers having an aggregate turnover of up to rupees five crore rupees in the previous financial year, 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, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi |
03.10.2020 |
Notification No. 54/2020-Central Tax dated June 24, 2020
Disclaimer
Information contained herein are only for reference purposes and are based on the information publicly available as on the date of this publication. The author takes no responsibility for its reliability and accuracy. It is advised to take appropriate legal/professional advice before undertaking any business activity or otherwise based on the above.
