Dear Experts,
As per Notification No.31/2020 & 32/2020 towards lowering of an Interest rate & waiver of Late fee for the periods between Feb'2020 and April'2020.
If the assessee's having the turnover more than 5 crores for the preceding financial year if the tax paid within 15 days from the original due date of return and after that the assessee has to pay interest @ 9% and no late fee u/s 47 of GST till 24th June'2020.
My query:-
If we make the payment of tax before 5th of May'2020 for the month of Feb'2020 and filing the return 24th of June'2020, what would be the consequences?
Thanks in Advance.
GST Interest and Late Fee Relief During COVID-19 Lockdown Explained: Notifications 31/2020 & 32/2020 Details Discussed A query was raised regarding the interest and late fee implications under GST for payments and filings during the COVID-19 lockdown period. Notifications No. 31/2020 and 32/2020 allowed reduced interest rates and waived late fees for certain periods. The discussion clarified that for turnovers exceeding 5 crores, interest is nil if payment is made by specified dates, with returns due by June 24, 2020. The debate included interpretations of tax payment timing, the impact of a Madras High Court judgment, and practical challenges faced by taxpayers during lockdowns. Experts emphasized the importance of filing returns to avoid interest charges. (AI Summary)
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