The Central Board of Indirect Taxes and Customs notified waiver of late fees and maximum up to Rs.500 and interest payment and extension of due dates till October due to COVID-19. The notification was issue on Wednesday that notified that no late fees shall be imposed to file returns for the period from July 2017 to January 2020 – prior to the Covid period who had nil tax liability. But those having tax liability can do so bef0ore 1st July, 2020 but by paying late fee maximum up to Rs.500/-. Small taxpayers having turnover up to Rs.5 Crore have been provided relief for the supplies made in the moths from May to July by 30th September, 2020. The interest rate was reduced to 9% from 18% till the notified date.
