TMI BlogClarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19)X X X X Extracts X X X X X X X X Extracts X X X X ..... n in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) - Reg. Circular No. 136/06/2020-GST, dated 03.04.2020 was issued by the Board on the subject issue clarifying various issues relating to the measures announced by the Government providing relief to the taxpayers. The GST Council, in its 40th meeting held on 12.06.2020 , recommended further relief to the taxpayers and accordingly, following notifications have been issued: S. No. Notification No. Remarks 1. Notification No.51/2020- Central Tax, dated 24.06.2020. See ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of interest for taxpayers having aggregate turnover above ₹ 5 Cr. 3.1 Vide notification No. 31/2020- Central Tax, dated 03.04.2020 , a conditional lower rate of interest was provided for various class of registered persons for the tax period of February, March and April, 2020. The same was clarified through Circular No. 136/06/2020-GST, dated 03.04.2020 (para 3, sl. No. 3, 4 and 5). It was clarified that in case the return for the said months are not furnished on or before the date mentioned in the notification No.31/2020- Central Tax, dated 03.04.2020 , interest at 18% per annum shall be charged from the due date of return, till the date on which the return is filed. 3.2 The Government, vide notificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereafter interest rate @9% p.a. for 50 days and interest rate @18% p.a. for 6 days Manner of calculation of interest for taxpayers having aggregate turnover below ₹ 5 Cr. 4.1 For the taxpayers having aggregate turnover below ₹ 5 Crore, notification No.31/2020- Central Tax, dated 03.04.2020 provided a conditional NIL rate of interest for the tax period of February, March and April, 2020. The Government, vide notification no 52/2020- Central Tax, dated 24.06.2020 provided the NIL rate of interest till specified dates in the said notification and 9% per annum thereafter till 30th September, 2020. Similar relaxation of reduced rate of interest has been provided for the tax period of May, June a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 22.10.2020 183 Zero interest for 72 days, thereafter interest rate @9% p.a. for 89 days and interest rate @18% p.a. for 22 days 4 June, 2020 Nil till the 23rd day of September, 2020, and 9 per cent thereafter till the 30th day of September, 2020 28.08.2020 37 Zero interest 5 28.09.2020 68 Zero interest for 63 days, thereafter interest rate @9% p.a. for 5 days 6 28.10.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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