GST relief to Small Businesses

GST council gave some reliefs to small businesses Taxpayers who could not file their GST returns can now file them The window will be open from July 1, 2020 to September 30, 2020. GST council on Friday, gave some reliefs to small businesses. Taxpayers who could not file their GST returns between July 2017 and January 2020 can now file them after paying a late fee of ₹ 500 if they have tax liability. Taxpayers who do not have any tax liability and who missed filing returns will not have to pay any late fee. The window to do this will be open from July 1, 2020 to September 30, 2020. Nirmala Sitaraman, union finance minister said that the council has slashed the interest rate by half for non-compliance by small businesses having turnover of upto ₹5 crore. Small taxpayers who missed filing returns for February, March and April due to pandemic will not be charged any interest till July 6, thereafter they will have to pay 9% interest for late filing.

Highlights :

GST council gave some reliefs to small businesses
Taxpayers who could not file their GST returns can now file them
The window will be open from July 1, 2020 to September 30, 2020.

GST council on Friday, gave some reliefs to small businesses.

Taxpayers who could not file their GST returns between July 2017 and January 2020 can now file them after paying a late fee of ₹ 500 if they have tax liability.

Taxpayers who do not have any tax liability and who missed filing returns will not have to pay any late fee.

The window to do this will be open from July 1, 2020 to September 30, 2020.

Nirmala Sitaraman, union finance minister said that the council has slashed the interest rate by half for non-compliance by small businesses having turnover of upto ₹5 crore.

Small taxpayers who missed filing returns for February, March and April due to pandemic will not be charged any interest till July 6, thereafter they will have to pay 9% interest for late filing.

About GST :

Click here to know more about GST.

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