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)

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..../11/2020-GST, dt. 24-06-2020 Circular No. 12/2020(State) in 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 fo....

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....etailed below: Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Cr. 3.1 Vide 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), 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 Taxe....

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....te @18% p.a. for 6 days Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Cr. 4.1 For the taxpayers having aggregate turnover below Rs. 5 Crore, 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 03.04.2020) 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, 2....

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....r 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   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 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....