The Central Board of Indirect Taxes and Customs (CBIC) has lowered the Interest rate under section 50 applicable on various taxpayers for the GST to be paid on the GSTR 3B for the months of March 2021 and April 2021 vide Notification No. 08/2021-Central Tax dated 1st May 2021. The said notification shall come into effect from 18th April 2021 onwards.
| (1) | (2) | (3) | (4) |
| 4. | Taxpayers having an aggregate turnover of more than Rs. 5 Crores in the preceding FY | 9 per cent for the first 15 days from the due date and 18 per cent thereafter | March 2021 April 2021 |
| 5. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | March 2021 April 2021 |
| 6. | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | March 2021 April 2021 |
| 7. | Taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | Quarter ending March, 2021 |
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