Which of the following statements is/are correct with reference to the Goods and Service tax?
A. A lower rate of interest of 9 per cent for the first 15 days from the due date of payment of tax and 18 per cent thereafter, for the tax payable for tax period of March and April 2021 has been notified for registered persons having aggregate turnover of over 5 crore rupees.
B. In case of turnover upto 5 crore rupees, the late fee has been waived for 30 days for GSTR-3B returns furnished beyond the due date.
C. Both A & B
D. None of these
Explanation:
The government has announced various relief measures for taxpayers under GST law including reduction in interest rate and waiving of late fee. A lower rate of interest of 9 per cent for the first 15 days from the due date of payment of tax and 18 per cent thereafter, for the tax payable for tax period of March and April 2021 has been notified for registered persons having aggregate turnover of over 5 crore rupees. In case of turnover upto 5 crore rupees, the late fee has been waived for 30 days for GSTR-3B returns furnished beyond the due date.
