Important Keywords: Notification No 07/2024 – Central Tax: Seeks to provide waiver of interest for specified registered persons for specified tax periods, F. No. CBIC-20013/7/2021, Notification No 07/2024 – Central Tax, Section 50(1) CGST Act 2017,
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Table of Contents
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
New Delhi, the 8th April, 2024
Notification No 07/2024 – Central Tax: Seeks to provide waiver of interest for specified registered persons for specified tax periods.
S.O. 1642(E).—In exercise of the powers conferred by sub-section (1) of section 50 read with section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the Act), the Government, on the recommendations of the Council,
hereby notifies the rate of interest per annum to be ‘Nil’, for the class of registered persons mentioned in column (1) of the Table given below, who were required to furnish the return in FORM GSTR-3B, but failed to furnish the said return for the months mentioned against the corresponding entry in column (2) of the said Table by the due date, for the period mentioned against the corresponding entry in column (3) of the said Table, namely:–
TABLE
| Class of registered persons | Months | Period for which interest is to be ‘Nil’ |
| (1) | (2) | (3) |
| Registered person having the following Goods and Services Tax Identification Numbers who are liable to furnish the return as specified under sub-section (1) of section 39 of the Act but could not file the return for the month as mentioned in the corresponding column (2), by the due date, because of technical glitch on the portal but had sufficient balance in their electronic cash ledger or electronic credit ledger, or had deposited the required amount through challan, namely: – | From the due date of filling return in Form GSTR 3B to the actual date of furnishing such return. | |
| 1.19AAACI1681G1ZM | June, 2018 | |
| 2.19AAACW2192G1Z8 | October 2018 | |
| 3.19AABCD7720L1ZF | July 2017 and August 2017 | |
| 4. 19AAECS6573R1ZC | July 2017 to February 2018 |
[F. No. CBIC-20013/7/2021]
RAGHAVENDRA PAL SINGH
Director
Frequently Asked Questions (FAQs)
Q1: What is Notification No. 07/2024 – Central Tax?
Answer:
Notification No. 07/2024 – Central Tax grants a waiver of interest on delayed GST payments for certain registered taxpayers during specific tax periods. This relief aims to:
✔️ Reduce the financial burden on businesses.
✔️ Encourage timely GST compliance.
✔️ Support businesses facing cash flow challenges.
💡 Need assistance with GST compliance? Consult a GST expert at Finodha for professional guidance.
Q2: Who is eligible for the interest waiver under Notification No. 07/2024 – Central Tax?
Answer:
✅ Taxpayers whose GST returns were delayed during the specified tax periods.
✅ Businesses registered under the GST regime, meeting the criteria outlined in the notification.
✅ Any taxpayer facing challenges in GST payment compliance due to financial hardship or technical issues.
📌 Check your GST compliance status to see if you qualify.
Q3: For which tax periods does this interest waiver apply?
Answer:
The waiver applies to specific tax periods mentioned in the notification. Taxpayers should review the notification details or consult GST experts to determine their eligibility.
💡 Stay updated with Finodha’s GST advisory services at www.Finodha.in.
Q4: How does the interest waiver affect pending GST payments?
Answer:
✔️ No interest will be charged on late GST payments for the specified periods.
✔️ Taxpayers can clear their pending dues without additional financial burden.
✔️ It helps in better cash flow management for businesses.
📌 File your pending GST returns with expert assistance and avoid penalties.
Q5: Do I still need to file my GST returns if I qualify for the waiver?
Answer:
✅ Yes, GST returns must be filed even if the interest is waived.
✅ The waiver applies only to interest on delayed payments, not to non-filing of returns.
💡 Get expert GST return filing assistance to ensure smooth compliance.
Q6: How can I claim the interest waiver under this notification?
Answer:
✔️ Verify your eligibility as per Notification No. 07/2024 – Central Tax.
✔️ File the required GST returns within the prescribed timelines.
✔️ Ensure proper documentation to claim the waiver if needed.
📌 Confused about eligibility? Talk to a GST professional for expert advice.
Q7: What happens if I don’t pay GST even after the waiver period?
Answer:
🚨 Non-payment of GST beyond the waiver period may result in:
✔️ Penalties and late fees under GST regulations.
✔️ Interest charges resuming after the waiver period ends.
✔️ Possible legal action or compliance issues.
📌 Avoid penalties – stay compliant with GST rules.
Q8: Will the interest waiver be automatically applied, or do I need to apply for it?
Answer:
✔️ In some cases, the waiver may be automatically applied to eligible taxpayers.
✔️ However, businesses should check their GST portal account to confirm.
✔️ If the waiver is not reflected, taxpayers may need to submit a request or clarification.
💡 Need help verifying your eligibility? Connect with Finodha’s GST experts for guidance.
Q9: How does this notification benefit small businesses and MSMEs?
Answer:
✅ Reduces financial burden by waiving interest on delayed GST payments.
✅ Prevents small businesses from facing heavy penalties due to cash flow constraints.
✅ Encourages compliance without additional costs.
📌 Register your MSME for GST to avoid future tax issues.
Q10: Where can I get more details about Notification No. 07/2024 – Central Tax?
Answer:
📌 You can access the official notification here:
✔️ CBIC Website: www.cbic.gov.in
✔️ GST Portal: www.gst.gov.in
🚀 Finodha’s GST experts provide in-depth analysis & compliance support!
Download PDF: Notification No 07/2024 – Central Tax
More Information: https://taxinformation.cbic.gov.in/
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