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of <h1>Karnataka Govt Reduces GST Interest Rates, Offers Late Fee Waivers for COVID-19 Relief per Circular No. GST-12/2020.</h1> The Government of Karnataka issued Circular No. GST-12/2020 to clarify relief measures for taxpayers due to COVID-19. Amendments to prior notifications were made following the GST Council's 40th meeting. Key measures include reducing the interest rate from 18% to 9% for late GST payments for specified periods and conditional waivers of late fees for filing returns. For taxpayers with turnover above Rs. 5 Crore, interest is nil for the first 15 days post-due date, then 9% till June 24, 2020, and 18% thereafter. For those below Rs. 5 Crore, a nil interest rate applies till specified dates, then 9% until September 30, 2020.
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