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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 ..... reference to 136/06/2020(Central), dated 08/10/2020 was issued by the Chief Commissioner 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 issued in the G.O.Ms.No.286, Revenue (CT-II) Department, dated 29-09-2020 (Notification No.51/2020-Central Tax, dated 24.6.2020). 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 issued in the G.O.Ms.No.287, Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the G.O.Ms.No.123, Revenue (Commercial Taxes-II) Department, dated 30-04-2020 (Notification No.31/2020-Central Tax, dated 03.4.2020), 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. 12/2020(State) in reference to 136/06/2020(Central), dated 08/10/2020 (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 issued in the G.O.Ms.No.123, Revenue (Commercial Taxes-II) Department, dated 30-04-2020 (Notification No.31/2020-Central Tax, dated 03.4.2020), interest at 18% per annum shall be charged from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n issued in the G.O.Ms.No.123, Revenue (Commercial Taxes-II) Department, dated 30-04-2020 (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 issued in the G.O.Ms.No.287, Revenue (Commercial Taxes-II) Department, dated 29-09-2020 (Notification No.52/2020-Central Tax, dated 24.6.2020) 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 S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for 7 days and interest rate @18% p.a. for 28 days Manner of calculation of late fee 5.1 Vide notification issued in the G.O.Ms.No.124, Revenue (Commercial Taxes-II) Department, dated 30-04-2020 (Notification No.32/2020-Central Tax, dated 03.04.2020), 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 Circular No. 12/2020(State) in reference to 136/06/2020(Central), dated 08/10/2020. 5.2 The Government, vide notification issued in the G.O.Ms.No.287, Revenue (Commercial Taxes-II) Department, dated 29-09-2020 (Notification No.52/2020-Central Tax, dated 24.6.2020) has prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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