The Central Board of Indirect Taxes and Customs (CBIC) on June 24, 2020, provides relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020.
Whereas, CBIC amends the Notification No. 13/2017 – Central Tax, dated June 28, 2017 to provide relief, in the first paragraph, first proviso has been substituted for:
Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.
[Notification No. 51/2020]
Get all CBIC Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.
Please visit our website http://www.avantis.co.in or Call us at 8893594595 for details or write to us at sales@avantis.co.in to schedule a demo.
Adnan's Legal & Regulatory Blog 