TMI BlogFurther clarification 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 ..... 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. 599-F.T., dated 10.07.2020. Seeks to provide relief to taxpayers by reducing the rate of interest from 18% per annum to 9% per annum for specified period. 2. Notification No. 600-F.T., dated 10.07.2020. Seeks to provide relief to taxpayers by c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cular No. 03/2021, dated 06.05.2021 (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. 463-F.T., dated 15.04.2020, 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 notification No. 599-F.T., dated 10.07.2020 has removed the said condition. Accordingly, a lower rate of interest of NIL for first 15 days after the due date of filing return in FORM GSTR-3B and @ 9% thereafter till 24.06.2020 is notified. After the specified date, normal rate of interest i.e. 18% per annum shall be charged for any further period of delay in furnishing of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Government, vide notification No. 600-F.T., dated 10.07.2020 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 and July 2020 also for the said class of registered persons having aggregate turnover below ₹ 5 Crore in the preceding financial year. The notification, thus, provides NIL rate of interest till specified dates and after the specified dates lower rate of 9% would apply till 30th September 2020. After 30th September, 2020, normal rate of interest i.e. 18% per annum shall be charged for any further period of delay in furnishing of the returns. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 68 Zero interest for 63 days, thereafter interest rate @9% p.a. for 5 days 6 28.10.2020 98 Zero interest for 63 days, thereafter interest rate @9% p.a. for 7 days and interest rate @18% p.a. for 28 days Manner of calculation of late fee 5.1 Vide notification No. 464-F.T., dated 15.04.2020, a conditional waiver of late fee was provided for the tax period of February, March and April, 2020, if the return in FORM GSTR-3B was filed by the date specified in the said notification. The same was clarified through Trade Circular No. 03/2021, dated 06.05.2021. 5.2 The Government, vide notification No. 600-F.T., dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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