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Home Business Centre Waives Late Fees, Reduces Interest Rates On GST For March, April

Centre Waives Late Fees, Reduces Interest Rates On GST For March, April

Taxpayers with a turnover of as much as Rs 5 crore can have 30 extra days to file 3B returns

The federal government has waived late charges on a delay in submitting GST month-to-month return GSTR-3B for the months of March and April and minimize the rates of interest for late filers, in view of the challenges confronted by taxpayers because of the outbreak of second wave of Covid-19 pandemic. The relaxations will come into impact from April 18, the Central Board of Oblique Taxes and Customs (CBIC) mentioned.

Taxpayers with a turnover exceeding Rs 5 crore can have an extra 15 days to file their month-to-month abstract return GSTR-3B with out paying any late charges. Furthermore, they should pay a decrease rate of interest of 9 per cent for these 15 days (the speed of curiosity will probably be 18 per cent thereafter).

Taxpayers with a turnover of as much as Rs 5 crore can have 30 further days to file 3B returns for March and April, with a waiver in late charges. The rates of interest will probably be ‘Nil’ for the primary 15 days and 9 per cent for the remaining interval. After the completion of 30 days, an rate of interest of 18 per cent will probably be levied on the tax payers involved.

Individuals who have opted to pay tax below the Composition scheme should NIL price of curiosity for the primary 15 days from the due date of tax fee, 9 per cent for the following 15 days and 18 per cent thereafter.

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